Philippines-based International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the first six months of 2014, posting revenue from port operations of USD 510.3 million, an increase of 23 percent over the USD 413.7 million reported for the same period last year.
revenue increase compared to 2013
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) climbed up to USD 212.2 million, 13 percent higher than the USD 188.1 million generated in the first half of 2013, with the net income attributable to equity holders of USD 101.7 million, up 23 percent over the USD 82.9 million earned in the same period last year.
The higher net income attributable to equity holders for the first semester was mainly due to strong operating income from its three geographic segments and gains recognized on the sale of a non-operating subsidiary in Cebu, Philippines, the termination of management contract in Kattupalli, India, and the settlement of the insurance claims in Guayaquil, Ecuador of USD 13.2 million, USD 1.9 million and USD 1.5 million, respectively.
Excluding the non-recurring items, recurring net income would have been three percent higher at USD 85.1 million. Diluted earnings per share for the period were likewise higher by 23 percent at USD 0.043 from USD 0.035 in 2013.
ICTSI handled consolidated volume of 3,566,023 twenty-foot equivalent units (TEU) for the first six months of 2014, 18 percent more than the 3,027,005 TEUs handled in the same period in 2013.
The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the company’s terminals and the volume generated by Contecon Manzanillo S.A. (CMSA) and Operadora Portuaria Centroamericana, S.A. de C.V (OPC), the company’s new container terminals in Manzanillo, Mexico and Puerto Cortes, Honduras, respectively.
Press Release, August 8, 2014