ICTSI Q1 income up 15% to US$40.7m

During the same period ICTSI handled consolidated volumes of 1,496,462 teu, 12% up on the previous year with the increase due to continuous growth in international and domestic trade in most of the Company’s terminals and the volumes generated by the new terminal operations in Jakarta, Indonesia and Karachi, Pakistan.

Excluding the volumes from Jakarta and Karachi and the effect of the January 2013 cessation of the Syria operation, organic volume growth elsewhere was relatively flat although ICTSI’s seven terminal operations in Manila, Brazil, Poland, Guayaquil in Ecuador, Madagascar, China and Pakistan accounted for 79% percent of the Group’s Q1 consolidated volumes.

According to a company statement the 20% increase in gross revenue was mainly due to higher storage revenues and ancillary services, a favourable volume mix, tariff rate increases in certain terminals, and the revenue contribution from the new terminals in Jakarta, and Karachi. If the revenue from these new terminals and the effect of the cessation of the operations in Syria is taken into account, organic revenue growth was 9% nine percent with ICTSI’s seven key terminal operations accounting for 85% percent of Q1 consolidated revenues.