Listed international port operator International Container Terminal Services Inc. (ICTSI) on Friday said its net income attributable to equity holders for 2013 increased by 20 percent to $172.4 million from the $143.2 million earned in 2012.
The company said the higher net income for 2013 was attributable to strong revenue growth and margin improvement in certain key terminals, and the contribution from its new terminal operations in Karachi, Pakistan.
ICTSI registered revenues of $852.4 million last year, up 17 percent over the $729.3 million of 2012.
Meanwhile, earnings before interest, taxes, depreciation and amortization, or Ebitda, reached $377.3 million in 2013, up by 23 percent from the $307.6 million posted in 2012.
ICTSI said it handled a consolidated volume of 6.31 million twenty-foot equivalent units (TEUs) in 2013, which is 12 percent more than the 5.63 million TEUs handled in 2012.
About 78 percent of the total volume handled in 2013 came from the ports in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan.
ICSTI also attributed its higher revenue in 2013 to increased revenue from storage and ancillary services and tariff rate increases in key terminals.
ICTSI has set a capital expenditure of $310 million this year, which will be spent for the development of new container terminals in Mexico, Argentina, Honduras and the Democratic Republic of Congo.