International Container Terminal Services (ICTSI) has reported unaudited consolidated financial results for the first half of 2015, posting revenue from port operations of US$552.1 million, an increase of 8% over the $510.3 million reported for the same period in 2014.
The increase in revenues was mainly due to volume growth at most of the company’s terminals.
In H1, 2014, the company recognised gains on the sale of a non-operating subsidiary in Cebu, Philippines; the termination of the management contract in Kattupalli, India; and the settlement of the insurance claims in Guayaquil, Ecuador of $13.2 million, $1.9 million and $1.5 million, respectively.
For the quarter ending June 30, 2015, revenue from port operations decreased 2%, from $261.4 million to $256 million. Net income attributable to equity holders declined 6%, from $49.3 million to $46.4 million for the same period in 2014.
Excluding the non-recurring gains recognized and one-time tax expenses at the terminals in Karachi, Pakistan and Aguadulce, Colombia, recurring net income would have increased 5%.
ICTSI handled more than 3.8 million TEU in the first six months of 2015, 9% more than the more than 3.5 million TEU handled in the same period in 2014.
The increase in volume was mainly due to the continuing volume ramp-up at Contecon Manzanillo S.A. (CMSA) in Manzanillo, Mexico and Operadora Portuaria Centroamericana, S.A. de C.V. (OPC) in Puerto Cortez, Honduras, as well as new shipping line contracts and services at Pakistan International Container Terminal (PICT) in Karachi, Pakistan.
Excluding the volume generated by its new terminal in Iraq, organic volume growth stood at 7% in 2015.
The company’s eight key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador, Pakistan and Honduras, which accounted for 77% of the Group’s consolidated volume in the first half of 2015, grew six percent compared to the same period last year.
For the quarter ending June 30, 2015, total consolidated throughput was 5% higher at more than 1.9 million TEU compared to the more than 1.8 million TEU in 2014.