Manila's global port operator ICTSI profit up 4pc while reve
Time: 2016-11-16 13:44
MANILA's global port operator, International Container Terminal Services Inc (ICTSI) net profit for the first nine months increased four per cent year on year to US$141.9 million, drawn on revenues of US$835 million, an increase of five per cent.
In the same period, earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 15 per cent to US$390.3 million.
"Net income attributable to equity holders increased due to volume and revenue growth tapered by higher depreciation and amortisation expenses and lower capitalised borrowing costs related to Tecplata SA, the new terminal in Buenos Aires and higher interest expense from higher average loan balance," said the company statement.
Excluding the effect of new terminals and projects, consolidated net profit would have increased 28 per cent. Diluted earnings per share for the period was six per cent lower at US$0.052 from US$0.055 in 2015.
Third quarter revenue from port operations increased 18 per cent to US$284.2 million while EBITDA was 30 per cent higher at US$132.9 million.
Quarterly net profit was up 53 per cent to US$54.6 million due to the strong volume and revenue growth across all three geographic segments tapered by higher depreciation and amortisation expenses and lower capitalised borrowing costs at Tecplata, and higher interest and financing charges arising from higher average loan balance.
Excluding new terminals and projects, consolidated net income attributable to equity holders would have increased 72 per cent.
ICTSI said it handled 6,435,192 TEU in the first nine months of 2016, 12 per cent more than in the same period in 2015. All three of the company's geographic segments in Asia, EMEA and Americas continued to post positive volume growth for the third consecutive quarter.
The increase in volume was mainly due to new shipping lines and services, improvement in trade activities in most of the terminals in the Asia region and the continuing ramp-up at ICTSI Iraq.
For the quarter ending September 30, throughput was 15 per cent higher at 2,170,559 TEU year on year. It was the second consecutive quarter of double digit volume growth at all three geographic segments, the company said.
The increase in revenues was mainly due to volume growth at most of the company's terminals; tariff rate adjustments and new contracts with shipping lines and services at certain terminals; and the continuing ramp-up at ICTSI Iraq.
This however was partially offset by unfavourable container volume mix and lower non-containerised and storage revenues at certain terminals. For the third quarter of 2016, gross revenues increased 18 per cent to US$284.2 million from US$239.9 million in 2015.
All three of the company's geographic segments in Asia, EMEA and Americas posted double digit revenue growth in the third quarter of 2016.
In the same period, earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 15 per cent to US$390.3 million.
"Net income attributable to equity holders increased due to volume and revenue growth tapered by higher depreciation and amortisation expenses and lower capitalised borrowing costs related to Tecplata SA, the new terminal in Buenos Aires and higher interest expense from higher average loan balance," said the company statement.
Excluding the effect of new terminals and projects, consolidated net profit would have increased 28 per cent. Diluted earnings per share for the period was six per cent lower at US$0.052 from US$0.055 in 2015.
Third quarter revenue from port operations increased 18 per cent to US$284.2 million while EBITDA was 30 per cent higher at US$132.9 million.
Quarterly net profit was up 53 per cent to US$54.6 million due to the strong volume and revenue growth across all three geographic segments tapered by higher depreciation and amortisation expenses and lower capitalised borrowing costs at Tecplata, and higher interest and financing charges arising from higher average loan balance.
Excluding new terminals and projects, consolidated net income attributable to equity holders would have increased 72 per cent.
ICTSI said it handled 6,435,192 TEU in the first nine months of 2016, 12 per cent more than in the same period in 2015. All three of the company's geographic segments in Asia, EMEA and Americas continued to post positive volume growth for the third consecutive quarter.
The increase in volume was mainly due to new shipping lines and services, improvement in trade activities in most of the terminals in the Asia region and the continuing ramp-up at ICTSI Iraq.
For the quarter ending September 30, throughput was 15 per cent higher at 2,170,559 TEU year on year. It was the second consecutive quarter of double digit volume growth at all three geographic segments, the company said.
The increase in revenues was mainly due to volume growth at most of the company's terminals; tariff rate adjustments and new contracts with shipping lines and services at certain terminals; and the continuing ramp-up at ICTSI Iraq.
This however was partially offset by unfavourable container volume mix and lower non-containerised and storage revenues at certain terminals. For the third quarter of 2016, gross revenues increased 18 per cent to US$284.2 million from US$239.9 million in 2015.
All three of the company's geographic segments in Asia, EMEA and Americas posted double digit revenue growth in the third quarter of 2016.
