ICTSI income jumps 22% to nearly $130 million

  • Manila-based operator’s volumes up 13% to 4.6 million TEU, EBITDA improves 26% to US$285.5 million

Phillippine port operator International Container Terminal Services, Inc. (ICTSI) saw its net income climb 22 percent to $128.8 million during the first nine months of 2013.

The Manila-based firm also reported a significant rise in revenue from its port operations, up 19 percent year-over-year to $624.76 million, and its container volumes, which rose 13 percent to 4,628,117 TEU, following continuous growth in international and domestic trade. The company also noted the contribution of volumes generated by its new terminals in Karachi, Pakistan, the Pakistan International Container Terminal (PICT) and PT Olah Jasa Andal (PT OJA) in the Indonesian capital of Jakarta.

An Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $285.5 million was 26 percent higher than the $225.8 million generated in the first nine months of 2012, while diluted earnings per share for the period was 17 percent higher at $0.054 from the $0.046 in 2012.

For the quarter ending September 30th, revenue from port operations increased 17 percent, from $179.7 million to $211.0 million while EBITDA was 27 percent higher at $97.3 million. Net income attributable to equity holders grew 29 percent, from $35.6 million to US$45.9 million and diluted earnings per share improved 27 percent to $0.019 from $0.015 in 2012.

For the quarter ending September 30th, total consolidated throughput was 16 percent higher at 1,601,112 TEU compared to 1,386,107 TEU in 2012.

Capital expenditures for the first half of 2013 amounted to $357.9 million, approximately 65 percent of the $550 million capital expenditure budget for the full 2013 calendar year. This enabled for the completion of terminal development projects in both Argentina and Mexico, and the enhancements of facilities in Colombia and the Philippines.

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