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2010/11/05/(Fri)

ICTSI 9 month income up 97% to US$73 million [Seaport]

Volume up 21% to 3,070,246 TEUs, revenues up 27% to US$380.6 million, EBITDA up 41% to US$182.4 million

International Container Terminal Services, Inc. (ICTSI) reported consolidated unaudited financial results for the nine months ending September 30, 2010, posting revenue from port operations of US$380.6 million, an increase of 27 percent over the US$299.3 million reported last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$182.4 million, 41 percent higher than the US$129.1 million generated in 2009, and net income attributable to equity holders of US$73.0 million, up 97 percent over the US$37.2 million earned last year.

The higher net income attributable to equity holders was mainly caused by the upsurge in revenues, modest increase in cash operating expense, lower effective tax rate for the period and a one-time gain on sale of non-core assets. After adjusting for the effect of non-recurring income related to the sale of ICTSI’s 9.54 percent ownership stake in Subic Shipyard and Engineering, Inc. and 8.56 percent in Consort Land, Inc and a write-down of the carrying value of certain property assets related to the company’s greenfield project in Buenaventura, Colombia, net income attributable to equity holders for the period would have been US$63.6 million, 71 percent higher than the same period in 2009.

For the quarter ending September 30, 2010, revenue from port operations increased 21 percent, from US$110.5 million to US$133.6 million. EBITDA was up 30 percent, from US$49.2 million to US$63.8 million. Net income attributable to equity holders grew 119 percent, from US$14.0 million to US$30.7 million.




The third quarter net income attributable to equity holders included non-recurring income related to the sale of ICTSI’s 9.54 percent ownership stake in Subic Shipyard and Engineering, Inc. and 8.56 percent in Consort Land, Inc., and a write-down of the carrying value of certain property assets related to the company’s project in Buenaventura, Colombia. Removing the effect of these one-time charges, net income attributable to equity holders for the period would have been US$21.3 million, 52 percent higher compared to the same period in 2009.

Enrique K. Razon Jr., ICTSI chairman and president, commented: "We continue to see a strong growth trend in volumes and revenues across our portfolio of terminals. Our financial results for the first nine months of the year have exceeded the same period in 2008, our previous record performance."

ICTSI handled consolidated volume of 3,070,246 twenty foot equivalent units (TEUs) in the first nine months of 2010, 21 percent higher compared to the 2,533,951 TEUs handled in the same period in 2009.

The increase in volume was mainly due to the continued recovery in global trade, particularly in markets where ICTSI’s ports are located. Compared to the 2,776,973 TEUs handled in the first nine months of 2008, the highest January to September throughput level recorded until this year, the Group’s consolidated volume for the same period in 2010 was higher by 11 percent. For the quarter ending September 30, 2010, total TEUs handled were 1,060,641 TEUs compared to 943,805 TEUs in 2009.

Throughput from the Company’s container terminal operations in Asia increased 21 percent to 1,941,101 TEUs in the first nine months of 2010, from 1,604,787 TEUs in the same period in 2009. The Group’s container terminal operations in Asia continued to be the biggest contributor in terms of volume accounting for 63 percent of consolidated volume in the first three quarters of 2010. For the third quarter of 2010, throughput from the Group’s Asian operations grew nine percent to 652,164 TEUs from 597,076 TEUs in the same period in 2009.






Volume from the Company’s container terminal operations in the Americas grew by 21 percent to 758,325 TEUs in the first three quarter of 2010 compared to the 626,410 TEUs handled in the same period in 2009. The Group’s container terminal operations in the Americas, which accounted for 25 percent of consolidated volumes in the first three quarters of 2010, performed exceptionally well with its two operating terminals in the region, Tecon Suape, S.A. (TSSA) in Brazil and Contecon Guayaquil SA (CGSA) in Ecuador, both demonstrating impressive year-to-date volume growth levels of 39 percent and 14 percent, respectively. Throughput of the Group’s operations in the Americas grew 18 percent in the third quarter of 2010 to 273,601 TEUs versus 232,599 TEUs in 2009.

Container terminal operations in Europe, Middle East, and Africa (EMEA) handled 370,820 TEUs in the first nine months of 2010, 22 percent higher compared to the 302,754 TEUs handled in the same period in 2009. The Group’s container terminal operations in EMEA, which accounted for 12 percent of consolidated volumes in the first three quarters of 2010, delivered excellent results with all operating terminals posting double-digit increases in volumes handled. Most notable are the performances of Baltic Container Terminal (BCT) in Poland and Batumi International Container Terminal (BICT) in Georgia, which registered impressive volume growth levels of 29 percent and 59 percent, respectively. EMEA operations handled 134,876 TEUs in the third quarter of 2010, 18 percent higher compared to the 114,130 TEUs handled in the same period in 2009.

Gross revenues from port operations for the first nine months of 2010 increased 27 percent to US$380.6 million, from the US$299.3 million reported in the same period in 2009. Compared to the US$352.3 million of revenues booked in the first nine months of 2008, the revenues of US$380.6 million for the same period in 2010 represents an increase of 8 percent. The increase in revenues for the first nine months of 2010 was mainly due to the increase in volumes handled in all of the company’s container terminals, favorable volume mix, and the arrastre tariff increase at the Manila International Container Terminal (MICT). In addition, revenue contribution from the Group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar, and China, which accounted for 91 percent of the Group’s consolidated revenue for the first three quarters, increased 26 percent from US$273.8 million in 2009 to US$344.6 million in 2010.

Consolidated yield per TEU for the first nine months increased by five percent to US$124, from US$118 for the same period in 2009 mainly due to the favorable mix of containers handled.

Revenue contribution from container terminal operations in Asia increased 32 percent, from US$151.6 million in 2009 to U$200.3 million in the first nine months of 2010. Revenues from port operations in Asia accounted for 53 percent of the first nine month’s consolidated gross revenue, as compared to 51 percent in the same period in 2009. For the third quarter of 2010, operations in Asia posted strong revenue growth of 21 percent at US$68.2 million, compared to US$56.3 million during the same period in 2009.

Revenue contribution from container terminal operations in the Americas was 30 percent higher in the first three quarters of 2010 at US$135.3 million compared to US$104.4 million in 2009. The increase in revenue from the container terminal operations in the Americas mainly resulted from the extraordinary 78 percent growth posted by the company’s container terminal operations in Brazil as a result of Brazil’s strong economic performance in the first nine months of 2010, and the appreciation of the Brazilian real against the US dollar. Revenue from the company’s ports in the Americas contributed 36 percent to ICTSI’s consolidated gross revenues for the first three quarters of the current year. On a quarterly basis, the company’s operations in the Americas posted a healthy 30 percent increase to US$49.5 million in the second quarter of 2010, from US$38.1 million in the same period in 2009.

The Group’s Europe, Middle East, and Africa (EMEA) operations, which accounted for 12 percent of the company’s revenue for the first nine months, rose by four percent, from US$43.3 million in 2009 to US$45.0 million in 2010. The increase in revenues in EMEA was mainly due to the company’s terminal in Poland, which posted revenue improvements of 11 percent. Revenue generated by the Group’s operations in EMEA in the third quarter of 2010, on the other hand, was one percent lower at US$15.8 million compared to the US$16.1 million it generated in same period 2009 mainly due to the lower revenue contributions from the region’s terminal operations in Madagascar and Syria during the quarter.




Total consolidated cash operating expenses for the first nine months of 2010 grew 12 percent to US$143.5 million, from US$128.4 million in the same period in 2009 due principally to the rise in equipment and facilities-related expenses related to the significant upswing in volume. For the third quarter, consolidated cash operating expenses was also up 12 percent, from US$45.6 million in 2009 to US$50.9 million in 2010.

Consolidated EBITDA for the first nine months surged 41 percent to US$182.5 million in 2010, from US$129.1 million in 2009 mainly due to the strong growth in volume across all geographic segments of the Group and subdued operating expense growth. Consolidated EBITDA margin for the first nine months of 2010 improved by five percentage points to 48 percent against 43 percent in the same period in 2009. For the third quarter of 2010, EBITDA margin was three percentage points higher at 48 percent compared to 45 percent in the same period in 2009.

Posted at 20:42

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