International Container Terminal Services, Inc. (ICTSI), a leading port management company involved in the operations and development of 25 marine terminals and port projects in 18 countries worldwide, has reported consolidated unaudited financial results for nine months ending Sept. 30.According to a media release, ICTSI has posted revenue of US$524.7 million from port operations, seven per cent higher than the US$490.9 million reported last year.
Recurring net income attributable to equity holders increased 11 per cent for the first nine months of 2012 after adjusting the previous period’s net income attributable to equity holders to US$95.3 million from the one-time net gain of US$6.1 million from the sale of ICTSI’s 16.79 per cent ownership stake in Portek International Limited and a one-time equity tax charge imposed by the Colombian tax authorities on all legal entities and individuals in Colombia, the release said.
ICTSI handled consolidated volume of 4,083,842 twenty-foot equivalent units (TEU) in the first nine months, six per cent more than the 3,844,040 TEUs handled in the same period in 2011. The increase in volume was mainly due to the growth in international and domestic trade, new shipping line customers and routes, continuous containerization of break bulk cargoes and the full period contribution of the company’s new ports in Portland, Oregon, USA and Rijeka, Croatia as well as the consolidation of the volume generated by the company’s new container terminal operations in Jakarta, Indonesia.
Excluding the volume from the three recent port acquisitions, organic volume growth was four per cent. Volume from the group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 per cent of the group’s consolidated volume for the first nine months, increased seven per cent, from 2,845,894 TEUs to 3,039,898 TEUs.
For the quarter ending Sept. 30, total TEUs handled was two per cent higher at 1,386,107 TEUs compared to 1,360,063 TEUs in 2011. The increase in volume was mainly due to the new port in Jakarta, which contributed 40,343 TEUs. Excluding the throughput from the newly acquired port, third quarter 2012 volume was slightly lower by one per cent compared to 2011.
Consolidated financing charges and other expenses for the first nine months were 41 per cent lower at US$21.6 million compared to the previous year¹s US$36.8 million. The lower consolidated financing charges and other expenses were mainly due to the higher capitalized borrowing cost registered in the first nine months as the company continued to expand existing terminals in Manila, Brazil and Ecuador as well as develop new projects in Mexico and Argentina.
ICTSI’s capital expenditure in the first nine months amounted to US$319 million against a full year capital expenditure budget of US$550 million. The capital expenditure for the period was mainly attributed to the construction of a new berth, additional yard space and acquisition of major cargo handling equipment in the group’s container terminal in Manila, capacity expansions in its operations in Ecuador and Brazil, and development of new container terminals in Argentina and Mexico.
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