MANILA, Philippines – – International Container Terminal Services, Inc. (ICTSI) (PSE:ICT) today reported unaudited consolidated financial results for the first nine months of 2015 posting revenues from port operations of US$792.0 million, an increase of two percent over the US$779.2 million reported for the same period last year.
Its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was US$339.5 million, four percent higher than the US$326.1 million generated in the first nine months of 2014, and net income attributable to equity holders of US$136.2 million, up 0.3 percent over the US$135.7 million earned in the same period last year, the company said in a disclosure at the Philippine Stock Exchange.
Diluted earnings per share for the period was one percent lower at US$0.0550 from US$0.0556 in 2014.
In the first nine months of 2014, the Company recognized gains on the sale of a nonoperating subsidiary in Cebu, Philippines, the termination of management contract in Kattupalli, India, the net settlement of the insurance claims in Guayaquil, Ecuador and Gdynia, Poland, the gain on the sale of Yantai Rising Dragon International Container Terminal (YRDICT) as part of the consolidation of the terminal operations at the Port of Yantai in Yantai, China, and the writedown of intangibles at Tecplata S.A. (TECPLATA), the Company’s terminal in Buenos Aires, Argentina of US$13.2 million, US$1.9 million, US$0.6 million, US$31.8 million, and US$38.1 million respectively.
In the first nine months of 2015, the Company also recognized non-recurring items such as the US$0.3 million gain on the sale of the terminal in Naha, Japan, the recognition of a US$1.3 million wealth tax on its equity in its project in Aguadulce, Colombia, and a US$0.6 million super tax recognized at the terminal in Karachi, Pakistan. Excluding these non-recurring gains and charges, recurring net income surged nine percent in the first nine months of 2015.
For the quarter ending September 30, 2015, revenue from port operations decreased 11 percent from US$268.9 million to US$239.9 million while EBITDA was 10 percent lower at US$102.1 million from US$113.9 million.
Net income attributable to equity holders was up five percent from US$34.1 million to US$35.8 million in 2015. Excluding the non-recurring gain on the sale of YRDICT, the write-down of TECPLATA intangibles, and the settlement of insurance claim at BCT, net income would have declined 13 percent.
Diluted earnings per share for the quarter decreased one percent from US$0.0131 in 2014 to US$0.0129 in 2015.
Gross revenues from port operations for the first nine months of 2015 increased two percent to US$792.0 million from US$779.2 million reported for the same period in 2014.
The increase in revenues was mainly due to volume growth at most of the Company’s terminals; favorable volume mix and higher ancillary services at SBITC in Subic Bay, Philippines; new shipping line contracts and services at PICT in Karachi, Pakistan; favorable impact of the consolidation of terminal operations in Yantai, China; continuing ramp-up at OPC in Puerto Cortes, Honduras and CMSA in Manzanillo, Mexico; and the revenue contribution of the Company’s new terminal in Basra, Iraq.
ICTSI (PSE:ICT) is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU/year range. ICTSI has an experience record that spans six continents and continues to pursue container terminal opportunities around the world. – BusinessNewsAsia.com