Major global ports operator reports higher earnings, throughputs

MANILA - International Container Terminal Services, Inc. (ICTSI) today reported its unaudited consolidated financial results for the first nine months of 2016, posting revenue from port operations of US$835.0 million, up 5% on the same period of last year; pre-tax earnings (EBITDA) of US$390.3 million, up 15%; and net income attributable to equity holders of US$141.9 million, up 4%. 

The company said net income attributable to equity holders increased primarily due to volume and revenue growth, but was impacted by higher depreciation and amortisation expenses and lower capitalised borrowing costs related to Tecplata S.A., ICTSI’s new terminal in Buenos Aires, Argentina, and higher interest expense from higher average loan balances. 
Excluding the effect of new terminals and projects, consolidated net income attributable to equity holders would have increased by 28%.
For the quarter ending September 30, 2016, revenue from port operations increased 18% to US$284.2 million while EBITDA was 30% higher at US$132.9 million.
Net income attributable to equity holders was up 53% to US$54.6 million.
ICTSI handled consolidated volume of 6,435,192 twenty-foot equivalent units (TEUs) in the first nine months of 2016, 12% more than in the same period in 2015.  All three of the Company’s geographic segments in Asia, EMEA and Americas continued to post positive volume growth for the third consecutive quarter. 
ICTSI said the increase in volume was mainly due to new shipping lines and services, improvement in trade activities in most of the terminals in the Asia region and the continuing ramp-up at ICTSI Iraq.
 For the quarter ending September 30, 2016, total consolidated throughput was 15% higher.  It was the second consecutive quarter of double digit volume growth at all of the Company’s three geographic segments.  
 Gross revenue from port operations for the first nine months of 2016 increased 5% to US$835.0 million.
 Capital expenditure for the first nine months of 2016 was US$297.9 million.  ICTSI said the he established budget is mainly allocated for completion of the initial stage of the Company’s new container terminals in Australia, Democratic Republic of Congo and Iraq, and continuing development of the Company’s projects in Honduras and Mexico. 
In addition, ICTSI invested US$50.1 million in the development of Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal development project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia.  The Company’s share for 2016 to complete the initial phase of the project is approximately US$60.0 million.  www.ictsi.com (ATI).