ICTSI reports 83% increase in H1 net income

The company’s consolidated EBITDA was US$118.7 million (H1 2009: US$79.9m), on revenues of US$246.9 million and volumes of more than two million TEU.

ICTSI handled consolidated volume of 2,009,605 TEU in the first half of 2010, 26% higher than the 1,590,146 TEU handled in the prior year period. The increase in volume was mainly due to the continued upturn in international trade.

Compared to the 1,755,474 TEU handled in the first six months of 2008 – the highest first half throughput level recorded until this year, the Group’s consolidated volume for the first half of 2010 was higher by 14%.

Throughput from the company’s container terminal operations in Asia increased by 28% to 1,288,937 TEU in the first six months of 2010 (H1 2009: 1,007,711 TEU), with the Group’s container terminal operations in Asia accounting for 64% of consolidated volumes.

Volume from the company’s container terminal operations in the Americas grew by 23% to 484,724 TEU in the first half of 2010 (H1 2009: 393,811 TEU).  Tecon Suape in Brazil achieved an impressive 48% growth in volume.   

Container terminal operations in Europe, Middle East & Africa (EMEA) handled 235,944 TEU in the first six months of 2010, 25% higher than the 188,624 TEU handled in H1 2009. Baltic Container Terminal (BCT) in Poland and Madagascar International Container Terminal in Madagascar registered volume growth levels of 31% and 20% respectively.  EMEA operations accounted for 12% of consolidated volume in the first half of 2010.

First half 2010 gross revenues from port operations increased by 31% to US$246.9 million (H1 2009: US$188.8m), due to the increase in volumes handled in almost all of the company’s container terminals, favourable volume mix and the arrastre tariff increase at 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% of the Group’s consolidated revenue for the first half, increased by 29% to US$224.1 million (H1 2009: US$173.9m).

Revenue contribution from container terminal operations in Asia increased by 39% to US$132 million in the first half of 2010, while revenues from port operations in Asia accounted for 53% of the first half consolidated gross revenue.

First half revenue contribution from container terminal operations in the Americas was 29% higher in the first half of 2010 at US$85.7 million (H1 2009: US$66.3m), driven primarily by the extraordinary 81% growth posted by the company’s container terminal operations in Brazil. Revenue from the company’s ports in the Americas contributed 35% to consolidated H1 gross revenues.