New port operations lift ICTSI profit 6% to $182M

Listed International Container Terminal Services Inc. (ICTSI) reported a consolidated profit of $182 million, up six percent from the $172.4 million profit a year ago.

Revenues from port operations reached $1.1 billion, an increase of 24 percent over the $852.4 million reported for the same period the previous year.

Earnings before interest, taxes, depreciation and amortization (Ebitda) reached $443 million, 17 percent higher than the $377.3 million generated last year.

Diluted earnings per share for the period was likewise higher by five percent at $0.075 from $0.071 in 2013.

The increase in net income attributable to equity holders last year was mainly due to strong consolidated revenue and Ebitda growth driven by increased contributions from newer operations in Manzanillo, Mexico and Puerto Cortes, Honduras; the consolidation of terminal operations in Yantai, China; and improved performance at Subic Bay, Philippines.

Net income growth was also negatively impacted by start-up costs and higher levels of operating expenses in Mexico, Honduras and China, higher levels of depreciation expense and increased interest expense driven by lower levels of capitalized interest during construction.