|
Aggressive expansion boosts ICTSI first quarter earnings
POSTED: 8:58 a.m. EDT, May 17,2007
International Container Terminal Services, Inc (ICTSI) has reported a 36 percent growth in consolidated net income in the first quarter ended 31 March 2007 to US$11 million, from $8.07 million in 2006.
Gross revenues from port operations grew by 16 percent to $67.19 billion in the current quarter. Net income attributable to equity holders improved by 38 percent.
Strong performance in the company's major domestic and International operations drove the significant improvement in the first quarter 2007 earnings. Foreign operations continue to be a significant contributor to earnings, accounting for 55 percent of this quarter's consolidated net income, higher than 53 percent in the first quarter of 2006.
For full year 2006, foreign operations contributed 60 percent to consolidated net income. The stronger Philippine Peso exchange rate dampened the impact of the growing contribution of international operations to consolidated earnings reported in Peso terms.
"The first quarter is normally our softest period, but ICTSI is off to a strong start this year with all of our major terminals reporting excellent results," said Enrique K. Razon Jr., ICTSI's chairman and president.
"Our flagship terminal in Manila has achieved its highest rate of quarterly volume growth since late 2004. Our international operations continue to move forward, with strong first quarter financial performance from our terminals in Brazil and Poland and encouraging initial results from our recent acquisitions in Indonesia and China."
Razon adds: "We are looking forward to the start up of our operations in Syria and Ecuador later in 2007 even as we continue to pursue our aggressive international expansion strategy."
In other developments during the quarter, ICTSI successfully completed a follow-on secondary offering of 300 million ICTSI shares by a subsidiary, generating some $155 million of net proceeds for the Company.
The Company was also awarded the 20-year public service concession for the container terminal and related facilities at the Port of Guayaquil in Ecuador. Signing is expected later in May with ICTSI assuming responsibility over the Ecuadorian port in July.
ICTSI handled consolidated volume of 642,475 twenty foot equivalent units (TEUs) during the first quarter, 40 percent higher compared to the 459,403 TEUs handled in the first quarter of 2006.
Of the total volume increase of 183,072 TEUs, 129,106 TEUs came from recently acquired operations at the Port of Davao (Philippines), Port of Makassar (Indonesia) and one-month volume of the Port of Yantai (China).
The balance of 53,966 TEUs were from improved volumes of major terminals. |
|
RELATED