May 10, 2013

ICTSI income up 15% in Q1

Earnings of nternational Container Terminal Services Inc. (ICTSI) rose 15% in the first quarter of the year on the back of higher volumes amid growing international and domestic trade. Net income attributable to equity holders amounted to $40.7 M from January to March this year compared to $35.4 M in the same period last year.

The company’s revenue from port operations jumped 20% to $209.3 M from $173.8 M while EBITDA surged 27% to $97.5 M from $76.7 M. Consolidated volume handled rose 12% to 1.496 million 20-foot equivalent unit (TEUs) in the first quarter of the year. Organic volume growth would have been flat if the volume from the two recent port acquisitions and the effect of the cessation of the operations in Syria last January were excluded.

ICTSI spent $93 M for its capital expenditures in the first three months of the year accounting for about 17% of the total full year budget of $550 million. The amount was used to complete its terminal development projects in Argentina and Mexico and the ramp-up of construction activities in Colombia and Davao. - WealthSec