• Home
  • News
  • ICTSI 9M2016 net income up 4% to US$141.9mln
  • 2016 November 8 18:24

    ICTSI 9M2016 net income up 4% to US$141.9mln

    International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first nine months of 2016 posting revenues from port operations of US$835.0 million, an increase of five percent over the US$792.0 million reported for the same period last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$390.3 million, 15 percent higher than the US$339.5 million generated in the first nine months of 2015, and net income attributable to equity holders of US$141.9 million, up 4% from the US$136.2 million earned in the first three quarter of the previous year. Net income attributable to equity holders increased primarily due to the volume and revenue growth tapered by higher depreciation & amortization expenses and lower capitalized borrowing costs related to Tecplata S.A. (“Tecplata”), the company’s new terminal in Buenos Aires, Argentina, and higher interest expense from higher average loan balance. Excluding the effect of new terminals and projects, consolidated net income attributable to equity holders would have increased by 28 percent. Diluted earnings per share for the period was six percent lower at US$0.052 from US$0.055 in 2015.

    For the quarter ending September 30, 2016, revenue from port operations increased 18 percent from US$239.9 million to US$284.2 million while EBITDA was 30 percent higher at US$132.9 million from US$102.1 million. Net income attributable to equity holders was up 53 percent from US$35.8 million to US$54.6 million in 2016 mainly due to the strong volume and revenue growth across all three of the Company’s geographic segments tapered by higher depreciation & amortization expenses and lower capitalized borrowing costs at Tecplata in Argentina, and higher interest and financing charges arising from higher average loan balance. Excluding new terminals and projects, consolidated net income attributable to equity holders would have increased by 72 percent. Diluted earnings per share for the quarter increased 66 percent from US$0.013 in 2015 to US$0.021 in 2016.

    Gross revenues from port operations for the first nine months of 2016 increased five percent to US$835.0 million from US$792.0 million reported for the same period in 2015. The increase in revenues was mainly due to volume growth at most of the Company’s terminals; tariff rate adjustments and new contracts with shipping lines and services at certain terminals; and the continuing ramp-up at ICTSI Iraq. This however was partially off-set by unfavorable container volume mix and lower non-containerized and storage revenues at certain terminals. For the third quarter of 2016, gross revenues increased 18 percent to US$284.2 million from US$239.9 million in 2015. All three of the Company’s geographic segments in Asia, EMEA and Americas posted double digit revenue growth in the third quarter of 2016.

    Consolidated cash operating expenses in the first three quarters of 2016 was down five percent to US$310.1 million from US$326.6 million in the same period in 2015. The decrease was mainly due to the improved operational efficiencies resulting to lower costs of repairs and maintenance, lower fuel and power consumption, combined with lower global fuel prices; the implementation of the company-wide cost optimization initiatives; and lower variable cost at ICTSI Oregon (IOI) in Portland, OR, USA. The reduction in cash operating expenses was tapered by increase in variable manpower costs as a result of increase in volume and the cost contribution of new terminals and projects.

    Consolidated EBITDA for the first nine months of 2016 increased 15 percent to US$390.3 million from US$339.5 million in 2015 mainly due to strong revenue growth combined with lower operating costs and effective cost optimization initiatives. Consequently, consolidated EBITDA margin improved to 47 percent in the first nine months of 2016 from 43 percent in the same period the year earlier.

    Consolidated financing charges and other expenses for the first three quarters increased 38% from US$48.6 million in 2015 to US$66.8 million in 2016. The increase was mainly due to slightly higher average loan balance and lower capitalized borrowing costs due to the cessation of the capitalization of Tecplata’s borrowing cost, unfavorable translation impact of certain currencies against US dollar in 2016, and the recognition of solidarity contribution tax and provision for claims at Contecon Guayaquil S.A. (CGSA) in Guayaquil, Ecuador.

    Capital expenditures for the first nine months of 2016 amounted to US$297.9 million. Excluding capitalized borrowing costs and expenses, capital expenditures amounted to US$273.0 million, approximately 65% of the US$420.0 million capital expenditure budget for the full year 2016. The established budget is mainly allocated for the completion of the initial stage of the Company’s new container terminals in Australia, Democratic Republic of Congo and Iraq, and the continuing development of the Company’s projects in Honduras and Mexico. In addition, ICTSI invested US$50.1 million in the development of Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal development project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia. The Company’s share for 2016 to complete the initial phase of the project is approximately US$60.0 million.

    ICTSI is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 million TEU/year range. ICTSI has an experience record that spans six continents and continues to pursue container terminal opportunities around the world.

2022 January 29

15:07 Sustainable beach replenishment works along the Flemish coast continue in 2022
13:18 Eagle Bulk Shipping Inc. to issue Q4 and full year 2021 results and hold investor conference call
12:51 IJmuiden sea lock officially put into operation
11:29 New product partnership formed between COACH Solutions and Veson Nautical
10:41 MPA launches regular guided tours to Raffles Lighthouse

2022 January 28

18:30 Smooth Ports completes the first project phase of the project
18:12 Two oil garbage disposal vessels put into operation in Novorossiysk
18:05 MOL and Mitsui sign time charter contract for LNG carrier
17:56 Finnlines upgrades its Finland–Sweden route
17:36 NRP Maritime Asset Management announces launching and first close of Premium Maritime Credit Fund
17:26 NYK and Uyeno Group form capital and business alliance
17:06 UPM sets its sights on Rotterdam for new biorefinery
16:51 New fairway drafts offer shipping greater flexibility on Lower and Outer Elbe
16:41 GCT Bayonne orders Konecranes Noell Sprinter Carriers
16:31 ZIM provides update on operational cooperation agreement with the 2M Partners
16:21 ENEA and Fincantieri team up for energy, environment, and circular economy
16:15 Furetank orders new climate friendly tanker for a green fleet
16:10 MAN Energy Solutions delivers engines to Chantiers de l’Atlantique
15:57 USCG intercepts 191 Haitians near Bahamas
15:55 Project cargo on the rise at Port of Antwerp thanks to EU Green Deal
14:26 Tenders for dredging and cleaning of Saint-Petersburg waterways to be announced by ad hoc municipal committee
14:03 Damen Shipyards to build four RoPax ferries for Penang Port, Malaysia
13:41 Nefteflot lays down survey ship of Project RDB 66.62
13:27 Ulstein awarded offshore wind ship design contract for Shanghai Electric and ZPMC
12:34 Universe Shipping opts for RMS 2000 V-rotor systems from Damen Marine Components
12:02 EST-Floattech delivers battery systems to 3 Damen Patrol Vessels 1304 Electric
11:30 KSK Grain Terminal handles grain vessel of 120,000 tons in capacity
11:01 MarineMax reports record fiscal 2022 first quarter results
09:59 RF Navy's frigate Admiral Gorshkov practiced artillery firing in the Barents Sea
09:34 Baltic Dry Index as of January 27
09:16 Crude oil market sees upwards price correction
08:57 MABUX: No firm trend expected on Global bunker market on Jan 28

2022 January 27

18:35 ABP launches the first of its new tranche of port-manufacturing sites at Port of Hull
18:05 Indian Register of Shipping classes first 100 pax hybrid catamaran (battery powered) ferry
17:52 Onezhsky Shipyard launches lead crab catching ship built for Russian Crab Group
17:35 Kawasaki Heavy Industries announces delivery of LPG-fueled LPG carrier CRYSTAL TRINITY
17:05 NAPA and MOL roll out digital Navigational Risk Monitoring Solution on over MOL’s 700+ ships
16:45 Port of Antwerp, North Sea Port Flanders and Port of Zeebrugge launch the stimulus programme ‘Accelerating modal shift’
16:36 Construction of digital shipyard commenced at Onezhsky Shipbuilding, Ship Repair Yard
16:17 Suez Canal Economic Zone signs local and foreign contracts for Sokhna port new berths works
15:35 Construction of support fleet base in Ust-Luga approved by Glavgosexpertiza
15:32 ABS grants AIP to a coordinated design for a wind turbine installation vessel
15:14 Tarragona Port Authority has awarded Global Ports Holding a 12-year concession to manage the services for cruise passengers
15:00 Marine Rescue Service removed all oil products from Chinese ship Xing Yuan
14:53 Cooperation Agreement signed between ThPA S.A. and Suez Canal Economic Zone
14:42 DP World joins forces with Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
14:32 A.P. Moller - Maersk shares millions of weather observations to aid climate science
14:22 IMB releases 2021 Piracy and Armed Robbery Report
14:04 FESCO launches regular container train from Vladivostok to Ulyanovsk
13:40 Swissterminal starts a new rail link between the port of Antwerp and Ottmarsheim
13:28 FESCO confirms compliance with standards for operation of vessels in US waters
13:03 Georgia Ports Authority tops 5.5M TEUs, 650K units in 2021
12:49 NYK delivers methanol-fueled chemical tanker
12:02 Throughput of Yeisk port in 2021 remained flat, year-on-year
11:30 Tallink Grupp’s vessel Baltic Queen heads to Naantali, Finland for regular dry-docking
10:56 Throughput of Temryuk port in 2021 rose by 10.3% YoY
10:37 MABUX: Bunker Weekly Outlook, Week 04, 2022
10:33 Haldor Topsoe becomes member of Hydrogen Council to promote green hydrogen solutions
09:48 Registration is underway for 5th Hydraulic Engineering and Dredging Congress
09:29 Baltic Dry Index as of January 26