ICTSI posts 23 pct higher profit in H1

Posted at 08/07/2014 3:38 PM

MANILA, Philippines - International Container Terminal Services Inc. (ICTSI), owned by tycoon Enrique Razon, reported its net income rose 23 percent in the first six months of the year, as port operations overseas registered strong revenues.

In a statement, ICTSI said its net income attributable to equity holders stood at $101.7 million from January to June, up 23 percent year-on-year.

ICTSI said revenues from port operations jumped 23 percent to $510.3 million in the first half from $413.7 million in the same period last year.

ICTSI attributed the higher net income attributable to equity holders for the first semester to strong operating income from its three geographic segments and gains recognized on the sale of a non-operating subsidiary in Cebu, Philippines, the termination of management contract in Kattupalli, India, and the settlement of the insurance claims in Guayaquil, Ecuador.

Excluding the one-time gains, the company's recurring net income would have been 3 percent higher at $85.1 million.

In the second quarter, ICTSI said revenue from port operations increased 28 percent to $261.4 million. This brought the net income attributable to equity holders to $49.3 million, 17 percent higher than year-ago.

ICTSI handled consolidated volume of 3,566,023 twenty-foot equivalent units (TEU) for the January to June period, 18 percent higher year-on-year. This was attributed to the continuous growth in international and domestic trade in most of the company’s terminals and the volume generated new container terminals in Mexico and Honduras.