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            october 22, 2019

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ICTSI posts 4pc profit increase to US$105.8 million in first 9 months


Manila based International Container Terminal Services Inc (ICTSI) has posted at four per cent net profit increase to US$105.8 million year on year for the first nine months of 2012, drawn on revenues of $524.7 million, up seven per cent.
ICTSI handled consolidated volume of 4.08 million TEU in the first nine months of 2012, up six per cent from 3.84 million TEU 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 containerisation of breakbulk cargo and the full period contribution of the company's new ports in Portland, Oregon and Rijeka, Croatia as well as the consolidation of the volume generated by the company's new container terminal operations in Jakarta."
Excluding the volume from the three recent port acquisitions, organic volume growth was four per cent. Volume from ICTSI's six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 per cent of the consolidated volume for the first nine months of 2012, rose seven per cent, from 2.85 million TEU to 3.04 million TEU.
For the third quarter, total container handled grew two per cent at 1.39 million TEU compared to 1.36 million TEU in 2011, due to the contribution of 40,343 TEU from the new port in Jakarta. Excluding the throughput from the newly acquired port, the third quarter volume was one per cent lower compared to 2011.
Operating profit for the first nine months was $225.7 million, up five per cent year on year.
Recurring net income rose 11 per cent for the first nine months of the year after adjusting the previous period's net income of $95.3 million from the one-time net gain of $6.1 million from the sale of ICTSI's 16.79 per cent stake in Singapore's Portek International Limited and a one-time equity tax charge imposed by Colombia.
For the quarter ending September 30, revenues from port operations were up five per cent to $179.7 million. EBITDA increased seven per cent to $76.6 million.
But net profit dropped 14 per cent to $35.5 million. The company said its net income in the third quarter included a non-recurring income related to the sale of ICTSI's stake in Portek.
Adjusting the net profit in the third quarter, it would have lowered to $33 million after removing the effect of the one-time gain of $8.4 million, and the recurring net income for the third quarter would have increased eight per cent.

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