ICTSI chalks up 17% revenue increase

International Container Terminal Services, Inc. (ICTSI) posted US$852.4m in revenue from port operations for the financial year ended December 31, 2013, a 17% increase on the same period in 2012.   Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) were US$377.3m, 23% higher than previous year.

The increase was mainly due to volume growth, higher storage revenues and ancillary services, tariff rate increases in certain key terminals, and full year contribution of the operations in Karachi, Pakistan and Jakarta, Indonesia, along with the inclusion of the new terminals in Manzanillo, Mexico and Puerto Cortes, Honduras.  Excluding revenues from the newly acquired terminals and the effect of the cessation of the operations in Tartous, Syria, organic revenue growth was 7%.

In [consolidated] volume terms, the Group saw throughput rise by 12% to a total of 6,309,840 teu (5,628,021 teu – 2012).   Its seven key operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 78% of the 2013 volume and 84% of the Group’s consolidated revenues.