Unaudited net income of leading port operator International Container Terminal Services Inc. soared 37 percent to P1.83 billion from P1.34 billion a year ago.

Manila Standard via NewsEdge Corporation :

Unaudited net income of leading port operator International Container Terminal Services Inc. soared 37 percent to P1.83 billion from P1.34 billion a year ago.

Citing consolidated unaudited financial results for the year ending Dec. 31, 2006, the company said combined revenues from local and international port operations rose 14 percent to P11.8 billion last year from over P10.4 billion a year ago.

The company attributed the growth to a combination of revenues from new port operations and increasing yields, resulting from a more favorable volume mix.

Consolidated earnings before interest, taxes, depreciation and amortization rose 11 percent to P4.0 billion from P3.6 billion year-on-year.

The consolidated EBITDA margin decreased slightly to 33.6 percent in 2006, from 34.5 percent last year, it said.

Net revenues, or revenues from port operations after deducting Port authorities' share, also grew 15 percent to P8.7 billion.

Port authorities' share, which represents fees and payments to the respective port authorities at each of the terminal locations of the company, grew 19 percent to P3.1 billion in 2006, from P2.8 billion in 2005.

It said international operations continue to be a significant contributor to earnings, accounting for 60 percent of consolidated net income in 2006, as compared with 34 percent in 2005.

"ICTSI has had another strong year," said ICTSI chairman and chief executive Enrique Razon Jr. "Container handling volumes at our international units continue to grow strongly, and after a disappointing first half, we are now experiencing positive volume growth at our Manila terminal," Razon said.

However, the company said that the growing contribution from international operations, combined with the appreciation of the peso against the US dollar, dampened the company's reported earnings growth in peso terms.