ICTSI profits increase 79pc to US$98.3 million in 2010

PHILIPPINES' International Container Terminal Services Inc (ICTSI) has announced a 79 per cent increase in net profit to US$98.3 million in 2010 compared to the $54.9 million earned last year.


Its 2010 revenue from port operations reached $527.1 million, rising 25 per cent over last year's $421.7 million.


Revenue from the company's six big terminals in the Philippines, Brazil, Poland, Ecuador, Madagascar and China accounted for 90 per cent of the total, a 24 per cent surge from $384.9 million in 2009 to $476.5 million in 2010.


"The higher net income attributable to equity holders was mainly due to the recovery in global trade, the upsurge in revenues combined with modest increase in cash operating expenses, lower effective tax rate for the period and also includes a one-time gain on sale of non-core assets," said the company statement.


The annual throughput also grew 18 per cent to 4.2 million TEU compared to the 3.6 million TEU handled in 2009. Throughput in the fourth quarter was 1.1 million TEU, marking an 11 per cent increase versus the one million TEU handled in the same period 2009.


"2010 was a record year for ICTSI reflecting both the strong rebound in trade volumes as well as our continued focus on cost containment. We are well positioned for continued growth in the future," said ICTSI chairman and president Enrique Razon.


Among the company's three regional segments, throughput from its container terminal operations in Asia rose 18 per cent to 2.65 million TEU in 2010 from 2.25 million TEU in 2009.


"The increase in volume was mainly due to a 15 per cent volume increase at MICT (Manila International Container Terminal), a 16 per cent volume increase at YRDICTL (Yantai Rising Dragon International Container Terminal Ltd.), and a 27 per cent increase at DIPSSCOR (Davao Integrated Port and Stevedoring Services Corp). Volume contribution from ICTSI's container terminal operations in Asia remained at 63 percent of consolidated volume," according to the company statement.


Its container terminals in Brazil and Ecuador recorded the highest growth rate in 2010. Its TSSA (Tecon Suape, SA) in north eastern Brazil posted a 35 per cent increase while CGSA (Contecon Guayaquil, SA) in Ecuador a 13 per cent growth.


Overall container volume from the Americas marked the highest growth rate in 2010 among all regions with a total of 20 per cent increment from 876,200 TEU to 1,048,971 TEU, accounting for 25 per cent of ICTSI's consolidated volume in 2010.


Because of a 24 per cent volume increase at BCT (Baltic Container Terminal) in Gdynia, Poland, the company's Europe, Middle East, and Africa (EMEA) operations, including terminals in Poland, Madagascar, Syria, and Georgia, saw a 17 per cent recovery in throughput from 430,132 TEU in 2009 to 501,275 TEU in 2010. This regional segment absorbed 12 per cent of ICTSI's consolidated volume last year.
(Source:http://www.schednet.com)