Foreign ports boost for ICTSI

Consolidated unaudited financial results show revenue from port operations of US$319.1m, 29% higher than the US$246.9m reported last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) stand at US$143.3m (+21%) compared to the US$118.7m generated in 2010. This growth was tempered by higher consolidated cash operating expenses, which increased 45% to US$134.2m.

Container volumes reached 2.48m teu, a rise of 24% on the first-half of 2010. This was mainly due to improving international trade, particularly in markets where ICTSI’s ports are located and the consolidation of the company’s new ports in Portland, Oregon, USA and Rijeka, Croatia. Excluding the volume from the two latest port acquisitions, the company achieved an 18% increase in organic volume growth.

Total consolidated cash operating expenses grew 45% to US$134.2m, driven mainly by the growth in volume-related expenses along with start-up and operating expenses of the company’s new ports.