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ICTSI profit up 6pc to US$182 million, revenue rises 24pc, volume up 18pc

MANILA's International Container Terminal Services, Inc (ICTSI) posted a year-on-year six per cent net profit increase to US$182 million for the year ending December 31 that was drawn on revenues of $1.1 billion, up of 24 per cent.

ICTSI profit up 6pc to US$182 million, revenue rises 24pc, volume up 18pc
01 October 2015 - 20:39

ICTSI profit up 6pc to US$182 million, revenue rises 24pc, volume up 18pc

MANILA's International Container Terminal Services, Inc (ICTSI) posted a year-on-year six per cent net profit increase to US$182 million for the year ending December 31 that was drawn on revenues of $1.1 billion, up of 24 per cent.

The net profit increase was driven by contributions from newer operations in Manzanillo, Mexico and Puerto Cortes, Honduras and the consolidation of terminal operations in Yantai as well as improved performance at Subic Bay. 

Throughout the ICTSI worldwide system, throughput grew 18 per cent to 7.4 million TEU, said the company.

But net profit was negatively impacted by start-up costs and higher levels of operating expenses in Mexico, Honduras and China, higher levels of depreciation expense and increased interest expense driven by lower levels of capitalised interest during construction.

Operating profit (EBITDA) of $443 million increased 17 per cent higher year, which like net earnings was affected by gains on the sale of non-operating subsidiary in the Philippines ($13.2 million).

They were also affected by the termination of a management contract in Kattupalli, India ($1.9 million), settlement of insurance claims at Guayaquil, Ecuador ($1.5 million) and a gain on the restructuring of investment in Yantai China of $31.8 million. 

But these were offset by an impairment charge of $38.1 million relating to the goodwill component of a subsidiary in Argentina (TECPLATA SA) and a $900,000 settlement of an insurance claim at Gdynia, Poland. Excluding the non-recurring items, net income would have been flat at $172.6 million.

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