ICTSI reports latest unaudited consolidated financial results

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) reported results for the quarter ended March 31, 2016 posting revenue from port operations of US$266.5 million, a decrease of 10 percent from the US$ 296.1 million reported for the same period last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$121.9 million, four percent lower than the US$127.5 million generated in the first quarter of 2015; and net income attributable to equity holders of US$42.2 million, down 22 percent compared to the US$54.0 million earned in the same period last year.

The decline in earnings was mainly driven by lower storage and ancillary revenues, unfavorable container volume mix, lower capitalized borrowing cost, higher depreciation and amortization expenses and startup costs of new terminals and projects. Diluted earnings per share for the period declined 40 percent to US$ 0.014 from US$0.023 in 2015.

ICTSI handled consolidated volume of 2,053,639 twentyfoot equivalent units ( TEUs) for the quarter ended March 31, 2016, four percent more than the 1,982,773 TEUs handled in the same period in 2015. The increase in volume was mainly due to the acquisition of new shipping line customers and services at the Company’s terminals in Guayaquil, Ecuador, Manzanillo, Mexico, and Karachi, Pakistan; continuing rampup at ICTSI Iraq; and improvement in trade activities at the Company’s terminals in Jakarta, Indonesia and most Philippine ports.