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ICT Reports 5% Revenue Increase

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MANILA, Philippines – International Container Terminal Services, Inc. (PSE:ICT) reported its unaudited consolidated financial performance during the first nine months of the year with a five percent growth at US$835 million from US$792 million last year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) of the company grew by 15 percent from US$339.5 million to US$390.3 million.

Equity holders-attributed net income is valued at US$141.9 million, which is a four percent increase from US$136.2 million against last year of the same period. The increase is due to the growth of volume and revenue pulled by higher amortization expenses and depreciation. Lower gains from borrowing costs, specifically related to Tecplata S.A., and higher interest expenses also contributed. Increase in interest compensation is driven by higher average loan balance.

Tecplata S.A. is the new Buenos Aires, Argentina terminal of the company.

The consolidated net income from equity holders should have reached 28 percent growth if the effect of new projects and terminals is excluded. There is a six percent lower diluted earnings per share from US$0.055 to US$0.052 against last year.

Port operations revenue during the third quarter increased from US$239.9 million to US$284.2 million, which is a growth by 18 percent. This boost was observed alongside EBITDA growth by 30 percent from US$102.1 million to US$132.9 million. Equity holders-driven net returns increased by 53 percent from US$35.8 million to US$54.6 million.

The third quarter growth is due to steady growth and higher volume across its three geographic segments. The company registered higher amortization expenses, increased depreciation, and lower capitalized borrowing costs at Argentina’s Tecplata. Increased financing charges and interests contributed by higher average loan balance also played a part.

Without the effect of new projects and terminals, third quarter net income should have climbed by 72 percent. Diluted earnings per share grew by 66 percent to US$0.021 from US$0.013.

ICTSI had a 12 percent increase in consolidated volume from 5.77 million 22-foot equivalent units (TEUs) to 6.44 million TEUs against last year.

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