MANILA's International Container Terminal Services Inc (ICTSI) posted a one per cent decline in first half net profit to US$100.4 million, drawn on revenues of US$552.1 million, which increased eight per cent year on year.
Second quarter net profit declined six per cent to $46.4 million, drawn on revenues of $256 million, which decreased two per cent year on year,
Excluding one-off gains and charges in the first half, recurring net income surged 20 per cent in the first half of 2015.
First half earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 12 per cent to US$237.4 million year on year.
In the first half of 2014, the ICTSI saw gains on the sale of a non-operating subsidiary in Cebu ($13.2 million) the end of the management contract in Kattupalli, India ($1.9 million) and the settlement of insurance claims in Guayaquil, Ecuador (US$1.5 million).
In the same period, the company also recognised non-recurring items such as the $300,000 gain on the sale of the terminal in Naha, Japan; payment of a $1.3 million wealth tax on its equity in the project in Aguadulce, Colombia and a $600,000 one-time super tax paid at the terminal in Karachi.
Excluding the non-recurring gains recognised and one-time tax expenses at the terminals in Karachi and Aguadulce, Colombia, recurring net income would have increased five per cent.
ICTSI handled 3,888,130 TEU in the first six months of 2015, nine per cent more than the 3,566,023 TEU handled in the same period in 2014.
The increase in volume was mainly due to the continuing volume ramp-up at Contecon Manzanillo SA (CMSA) in Manzanillo, Mexico and Operadora Portuaria Centroamericana, SA de CV (OPC) in Puerto Cortez, Honduras; new shipping line contracts and services at Pakistan International Container Terminal (PICT) in Karachi; increased demand for services at Subic Bay International Terminal Corp (SBITC) in Subic Bay, Philippines.
There was also the favourable impact of consolidation at Yantai International Container Terminal (YICT) in Yantai China and the contribution of the company's new terminal, ICTSI Iraq, in Basra, Iraq, which began commercial operation in November 2014.
Excluding the volume generated by the new terminal in Iraq, organic volume growth was at seven per cent.
The company's eight key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador, Pakistan and Honduras, which accounted for 77 per cent of the group's consolidated volume in the first half of 2015, grew six per cent compared to the same period last year.
For the quarter ending June 30, 2015, total consolidated throughput was five per cent higher at 1,905,357 TEU compared to 1,808,928 TEUs in 2014.
WORLD SHIPPING
11 August 2015 - 22:44
ICTSI profit declines 1pc to US$100.4 million but sales rise 8pc
MANILA's International Container Terminal Services Inc (ICTSI) posted a one per cent decline in first half net profit to US$100.4 million, drawn on revenues of US$552.1 million, which increased eight per cent year on year.
WORLD SHIPPING
11 August 2015 - 22:44
ICTSI profit declines 1pc to US$100.4 million but sales rise 8pc
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