International Container Terminal Services Inc. (Ictsi) reported on Monday that its net income in the first nine months of 2013 reached $128.8 million, up 22 percent over the $105.8 million earned in the same period last year.
The higher net income attributable to equity holders for the first nine months of 2013 was mainly due to strong revenue growth and margin improvement in certain key terminals, and the contribution from the new terminal in Karachi, Pakistan. Diluted earnings per share for the period was also higher by 17 percent at $0.054 from $0.046 in 2012.
Net income attributable to equity holders grew 29 percent, from $35.6 million to $45.9 million, and diluted earnings per share improved by 27 percent to $0.019 from $0.015 in 2012.
Ictsi’s unaudited consolidated financial results for the first nine months of 2013 showed revenue from port operations reaching $624.7 million, an increase of 19 percent over the $524.7 million reported for the same period last year; and earnings before interest, taxes, depreciation and amortization, or Ebitda of $285.5 million, 26 percent higher than the $225.8 million generated in the first nine months of 2012.
For the quarter ending September 2013, revenue from port operations increased 17 percent from $179.7 million to $211 million, while Ebitda was 27 percent higher at $97.3 million, from $76.7 million.
Ictsi handled consolidated volume of 4.63 million twenty-foot equivalent units (TEUs) for the first nine months of 2013, an increase of 13 percent, or 4.08 million TEUs handled in the same period in 2012. Gross revenues from port operations for the first nine months of 2013 surged 19 percent to $624.7 million, from the $524.7 million reported in the same period in 2012.
Gross revenues from port operations for the quarter ended September 30, surged 17 percent to $211 million from the $179.7 million reported in the same period in 2012.
For the quarter ended September 30, consolidated Ebitda increased 27 percent to $97.3 million from $76.7 million in 2012, while consolidated Ebitda margin also improved to 46 percent compared to 43 percent in the same period in 2012.
Capital expenditures for the first half of 2013 amounted to $357.9 million, which is approximately 65 percent of the $550-million capital expenditure budget for the full-year 2013.
The established budget is mainly allocated for the completion of the company’s terminal development projects in Mexico and Argentina, and the ramp-up of construction activities in Colombia and Davao City in southern Philippines.