Philippine port operator International Container Terminal Services Inc (ICTSI) posted net income of US$172.4 million for 2013, up 20 percent compared to the $143.2 million earned in 2012.
Revenue stood at $852.4 million, an increase of 17 percent over the $729.3 million the previous year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) was $377.3 million, 23 percent higher than the $307.6 million the previous year.
The higher net income was mainly due to strong revenue growth and margin improvement at certain key terminals and the contribution from the new terminal in Karachi, Pakistan.
ICTSI handled consolidated volume of 6.3 million TEUs for the year ended December 31, 2013, 12 percent more than the 5.6 million TEUs handled in 2012.
The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the company's terminals; new shipping lines and routes; full year contribution of new terminals, Olah Jasa Andal and Pakistan International Container Terminal (PICT), which were consolidated in August 2012 and October 2012, respectively; and the start of commercial operations of new terminals, Contecon Manzanillo S.A. de C.V. (CMSA) and Operadora de Puerto Cortes, S.A. de C.V. (OPC), beginning November 2013 and December 2013, respectively.
Excluding the volume contribution from the four new terminals and the effect of the cessation of the operations in Syria effective January 2013, organic volume growth increased by two percent.
The company's seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 78 percent of the group's consolidated volume in 2013.
The increase in revenues was mainly due to volume growth, higher storage revenues and ancillary services, tariff rate increases in certain key terminals, full year contribution of the terminal operations in Karachi, Pakistan and Jakarta, Indonesia, and inclusion of the new terminals in Manzanillo, Mexico and Puerto Cortes, Honduras. Excluding the revenues from the newly acquired terminals and the effect of the cessation of the operations in Tartous, Syria, organic revenue growth was at seven percent.
The group's seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 84 percent of the group's consolidated revenues in 2013.
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