ICTSI income contracts 15%

Port operator International Container Terminal Services (ICTSI) suffered a 15 percent drop in its net income to US$54.9 million in 2009 from $64.2 million in 2008 due to lower volumes and higher interest and depreciation expenses, the Philippine Star reported.

The company said capital expenditures in 2010 is estimated at $123 million mainly for civil works, systems improvement, and purchase of major cargo handling equipment at its port operations in Manila (MICT), Brazil (TSSA), Ecuador (CGSA) and Madagascar (MICTSL).

ICTSI posted full-year 2009 revenues from port operations of $421.7 million, a decrease of nine percent from the $463.1 million reported in 2008. Earnings before interest, taxes, depreciation and amortization (EBITDA) were down 11 percent to $175.7 million from $196.4 million in 2008, mainly due to the volume contraction resulting from the global economic slump and the unfavorable volume and revenue mix in 2009.

ICTSI’s consolidated volume for 2009 was five percent lower at 3.56 million TEUs compared to the 3.73 million TEUs in the same period in 2008. Volumes in the fourth quarter were 1.02 million TEUs, a seven percent improvement versus the 957,919 TEUs handled in the same period in 2008.

Throughput from the company’s container terminal operations in Asia, comprised of the terminals in the Philippines, Indonesia, Japan, and China, increased three percent to 2.25 million TEUs in 2009 from 2.18 million TEUs in the same period in 2008.
 
(Source: Cargo News Asia)