ICTSI profit up by 17%

International Container Terminal Services Inc. (ICTSI) saw profits rise in the first half of the year, as its continuing expansion allowed the company to buck grim economic conditions.

The Razon-led firm on Monday said its net income reached $70.3 million, up 17 percent from the same period last year. Revenue from port operations totaled $345.0 million, 8 percent higher than the $319.1 million reported last year.

“The higher net income attributable to equity holders for the first semester was mainly due to the modest growth in volume and revenues in all three geographic segments, and lower financing charges,” the company said.

For the quarter ending June, revenue from port operations rose by 4 percent to $171.2 million. Earnings before income tax, depreciation and amortization was flat at $72.3 million, from $72.1 million, and net income attributable to equity holders grew 11 percent, from $31.5 million to $34.9 million.

ICTSI handled a total of 2.7 million twenty-foot equivalent units (TEUs) in the first half of 2012, 9 percent more than the 2.5 million handled in the same period in 2011.

“The increase in volume was mainly due to the continued growth in international trade where the group’s terminals are located, new shipping line routes and customers, continuous containerization of break bulk cargo, and the full period contribution of the company’s new container terminals in Portland, Oregon, USA and Rijeka, Croatia,” ICTSI said.

Excluding the volume from the two latest container terminal acquisitions, organic volume growth was at 7 percent.