International Container Terminal Services (ICTSI) has reported third quarter EBITDA of $49.2 million, down 12 percent from the $55.8 million generated in the third quarter of 2008 and net income attributable to equity holders of $14 million, a decrease of five percent year-on-year.
Revenue from port operations of US$110.5 million, a decrease of 12 percent from the $125.1 million reported last year,
The lower net income attributable to equity holders was mainly due to lower volume brought about by the decline in global trade, higher interest expense due to higher debt level, and the depreciation of currencies in the countries where ICTSI’s ports are located – Philippine peso, Brazilian reais, Malagasy ariary, Euro – relative to the US dollar in the third quarter of the previous year.
Excluding the effects of foreign exchange translation, third quarter net income attributable to equity holders would have remained flat at $14.6 million.
For the nine months ending September 30, 2009, revenue from port operations decreased 15 percent, from $352.3 million to $299.3 million. EBITDA also decreased 17 percent, from $154.9 million to $129.1 million while net income attributable to equity holders fell 29 percent, from $52.4 million to $37.2 million. Excluding the effects of foreign exchange translation, net income attributable to equity holders should have declined by 21 percent to $41.2 million.
Revenue from port operations of US$110.5 million, a decrease of 12 percent from the $125.1 million reported last year,
The lower net income attributable to equity holders was mainly due to lower volume brought about by the decline in global trade, higher interest expense due to higher debt level, and the depreciation of currencies in the countries where ICTSI’s ports are located – Philippine peso, Brazilian reais, Malagasy ariary, Euro – relative to the US dollar in the third quarter of the previous year.
Excluding the effects of foreign exchange translation, third quarter net income attributable to equity holders would have remained flat at $14.6 million.
For the nine months ending September 30, 2009, revenue from port operations decreased 15 percent, from $352.3 million to $299.3 million. EBITDA also decreased 17 percent, from $154.9 million to $129.1 million while net income attributable to equity holders fell 29 percent, from $52.4 million to $37.2 million. Excluding the effects of foreign exchange translation, net income attributable to equity holders should have declined by 21 percent to $41.2 million.