MANILA's International Container Terminal Services Inc (ICTSI) posted a 29 per cent year-on-year increase in first quarter net profit to US$52.4 million, drawn on revenues of $248.9 million, up 19 per cent.
Higher net profit was mainly due to the sale of a non-core asset, when the company sold the Cebu International Container Terminal Inc to Cebu Asian Rim Property and Hong Kong Land for $13.2 million in January.
The surge in revenue was attributed to higher storage revenues and ancillary services.
ICTSI quarterly throughput was 1,757,095 TEU, up 17 per cent year on year, attributed to improvement in international and domestic trade in most of the company's terminals.
Volumes generated by new terminals in Mexico and Honduras, which began operations in November and December. Excluding the volume generated by the two new terminals, organic volume growth was up one per cent.
Big terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar, China and Pakistan accounted for 71 per cent of the consolidated volume in the first quarter.
Also contributing was a favourable volume mix, tariff increases, new and renegotiated contracts and revenue contributions from new terminals in Manzanillo, Mexico and Puerto Cortes, Honduras.
Excluding revenues from the new terminals in Manzanillo, Mexico and Puerto Cortes, Honduras, organic revenue growth was five per cent.
ICTSI's seven key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar, China and Pakistan accounted for 76 per cent of first quarter revenue.
Quarterly operating expenses grew 28 per cent to $108.2 million year on year, attributed to the inclusion of cash spent at the new terminals in Mexico and Honduras.
Also cited were higher manpower costs from volume growth and state-mandated salary hikes, higher facilities-related expenses resulting from an end of rent rebates at ICTSI Oregon beginning in January.
Sales costs mounted as ICTSI pursued bids for port projects. Excluding cash operating expenses of the new terminals, total cash operating expenses would have increased five per cent.
ICTSI is a port management company involved in the operation and development of marine terminals and seaports. ICTSI's operations span six continents.
PORTS
15 May 2014 - 21:03
ICTSI quarterly net profit up 29pc to US$52.4 million, revenue rises 19pc
MANILA's International Container Terminal Services Inc (ICTSI) posted a 29 per cent year-on-year increase in first quarter net profit to US$52.4 million, drawn on revenues of $248.9 million, up 19 per cent.
PORTS
15 May 2014 - 21:03
ICTSI quarterly net profit up 29pc to US$52.4 million, revenue rises 19pc
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