INTERNATIONAL Container Terminal Services has posted a 33 per cent increase in net profit of US$130.5 million drawn on revenues of $664.8 million, up 26 per cent.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) came to $281.4 million, an increase of 14 per cent,
"The higher net income attributable to shareholders holders was mainly due to the upsurge in revenues, lower financing charges, lower effective tax rate and a one-time gain on sale of non-core assets," said the company statement.
"The increase in revenues for 2011 was mainly due to the strong double digit volume growth across all geographic segments of the group, higher storage revenues and ancillary services, favourable volume mix, and the inclusion of the new terminals in Portland, Oregon and Rijeka, Croatia," according to the company.
ICTSI handled 5.23 million TEU in 2011, up 25 per cent year on year, due to an upturn in global trade, particularly in markets where ICTSI's ports are located, new carrier customers and the consolidation of the company's new ports in Oregon and Croatia.
The company's total port volumes, excluding the volume from the two latest port acquisitions, grew 18 per cent in 2011. Volumes from its six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 per cent of the consolidated volume for 2011, rose 18 per cent to 3.86 million TEU to 3.26 million.
In Asia, its aggregate throughput was up 11 per cent in 2011 to 2.95 million from 2.65 million TEU. The increase was due mainly from the exceptional volume increases in three areas in China and the Philippines.
ICTSI's operations in Yantai Rising Dragon International Container Terminal Ltd (YRDICTL) grew 36 per cent; Davao Integrated Port and Stevedoring Services Corp (DIPSSCOR) in Davao, southern Philippines increased 30 per cent; Mindanao International Container Terminal Services Inc (MICTSI) in Cagayan de Oro, southern Philippines registered 17 per cent growth. "This segment accounted for 56 per cent of consolidated volume in 2011 compared to 63 per cent in 2010," said the company.
In the Americas, its container terminal operations grew 50 per cent to 1.571 million TEU in 2011. The largest contributors were Contecon Guayaquil SA (CGSA) in Ecuador with its growth of 35 per cent and Tecon Suape SA (TSSA) in Brazil with its volume increase of 28 per cent.
This segment also benefited from the volume generated by the newly acquired terminal in Portland, Oregon, USA, which was taken over by its subsidiary ICTSI Oregon, Inc (IOI) on February 12, 2011 and added 176,751 TEU to the company's full-year throughput. The contribution of container volume from the Americas increased to 30 per cent in 2011 from 25 per cent in 2010.
In Europe, Middle East and Africa, ICTSI container terminals handled 706,357 TEU in 2011, up 41 per cent compared to 2010's 501,275 TEU. The best performer was Baltic Container Terminal (BCT) in Poland with 29 per cent volume growth. Also, the Batumi International Container Terminal Ltd (BICTL) handled 45,442 TEU in 2011, nearly tripling the 16,318 TEU handled in 2010.
"The EMEA segment also benefited from the volume generated by the newly acquired terminal in Rijeka, Croatia. The company's subsidiary, Adriatic Container Gate Terminal (AGCT), took over the operations of the container terminal in Rijeka, Croatia on April 15, 2011 and added 98,675 TEU to the group's annual throughput. EMEA operations accounted for 13 per cent of consolidated volume in 2011," said the company statement.
Looking ahead, the company said its total estimated consolidated capital expenditure in 2012 is $550 million. In that budget, $345 million is allocated for the greenfield projects in Argentina, Mexico and Colombia, and the balance mostly goes to civil works, systems improvement, and purchase of major cargo handling equipment at its port operations in Manila (MICT), Croatia (AGCT), Brazil (TSSA) and Ecuador (CGSA).
ICTSI is an international port management company involved in the operations and development of 22 marine terminals and port projects in 17 countries worldwide.
Source Shipping Gazette - Daily Shipping News