ICTSI profit off 11pc, Asia provides growth in 2009

GLOBAL port operator International Container Terminal Services Inc (ICTSI) suffered an 11 per cent decline in pre-tax profit last year to US$175.7 million, drawn on revenues of $421.7 million, down nine per cent of from 2009 sales to $463.1 million.

"Two thousand nine marked the first full year decline in global trade volumes since the end of the Second World War, and ICTSI's annual results were affected," said ICTSI chairman and president Enrique Razon.

"We managed to control costs and limit the negative impact of volume declines. The second half of the year was notably better than the first with the fourth quarter, showing the first year-over-year growth in volumes since the third quarter of 2008."

The Manila-based company suffered a five per cent fall in year-on-year global cargo movement in 2009 at its terminals lifting 3,557,256 TEU from 3,734,892 TEU moved in 2008. But fourth quarter volume was up seven per cent to 1,023,305 TEU from 957,919 TEU in 2008, the company said.

ICTSI's Europe, Middle East and African (EMEA) container volumes suffered most, down 36 per cent year on year to 430,132 TEU from 668,766 TEU. EMEA's share in ICTSI global volumes fell to 12 per cent from 18 per cent in 2008. Revenue from the EMEA terminal accounted for 14 per cent of the company's revenue, down 39 per cent to $60.5 million from $99 million in 2008.

But Asian terminal volumes grew three per cent to 2,250,924 TEU from 2,181,530 TEU in the same period in 2008. The share of Asian container cargo in ICTSI's overall volumes increased to 63 per cent in 2009 from 58 per cent in 2008. Asia accounted for 51 per cent of the company's gross revenues, down two per cent to $213.8 million from $219.1 million in 2008.

Volumes at Americas terminals were down to 876,200 TEU in 2009 from 884,596 TEU year on year. The Americas business accounted for 25 per cent of the company's volume, compared to 24 per cent in 2008 with its revenue contribution up two per cent to $147.4 million from $144.9 million the previous year.

(Source: www.schednet.com)