ICTSI first quarter net profit grows 24pc to US$35.4 million
THE Philippines' International Container Terminal Services Inc (ICTSI) has announced a 24 per cent growth in net profit to US$35.4 million during the first quarter year on year, drawn on a 12 per cent increase in revenue to $173.8 million. Saturday, 12.May.2012, 01:24 (GMT+3)
THE Philippines' International Container Terminal Services Inc (ICTSI) has announced a 24 per cent growth in net profit to US$35.4 million during the first quarter year on year, drawn on a 12 per cent increase in revenue to $173.8 million.
EBITDA (earnings before interest, taxes, depreciation and amortisation) in the first quarter was $76.7 million, up eight per cent from $71.2 million in the same period a year ago.
ICTSI handled a total volume of 1,338,316 TEU in the first quarter, up 14 per cent from the 1,171,969 TEU handled in the same period in 2011.
The company said in a statement the volume growth was mainly "due to the sustained growth in countries where ICTSI's terminals are located, new shipping lines and routes and the inclusion of the TEU volume generated by the company's new terminals in Portland, Oregon, USA and Rijeka, Croatia. Excluding the volume from the two latest port acquisitions, organic volume growth was nine per cent."
Volume from the ICTSI's six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, accounted for 74 per cent of the company's consolidated volume in the first quarter, up 11 per cent to 992,865 TEU.
Also, its capital expenditure in the first quarter totalled $96.7 million against a full year budget of $550 million. "The established budget is mainly allocated for the greenfield projects in Argentina, Mexico and Colombia, and for civil works, systems improvement, and purchase of major cargo handling equipment at its terminal operations in Manila (MICT), Croatia (AGCT), Brazil (TSSA) and Ecuador (CGSA)," said the company in a statement.
ICTSI runs 23 marine terminals and port projects in 17 countries worldwide.