Opening favors ICTSI; Income rises 20%
The International Container Terminal Services Inc. (ICTSI) showed signs of a strong rebound in the first half as its revenues rose by 20 percent to $1.06 billion compared to the $882.6 million a year ago, the company reported based on its unaudited consolidated financial results.
In its report, Thursday, ICTSI said earnings before interest, taxes, depreciation, and amortization (EBITDA) hit $672.1 million, 26 percent higher than the $532.5 million last year.
“We have delivered another period of strong operational and financial results across our global portfolio with throughput growth of five percent. Revenues grew driven by volume growth, a strong contribution from new terminals and an improvement in trade activities as economies recover from the impact of lockdown restrictions and the Covid-19 pandemic,” ICTSI chairperson and president Enrique K. Razon Jr. said.
Further, ICTSI disclosed that its net income attributable to equity holders stood at $294.5 million, 50 percent more than the $196.7 million earned in the first half, attributable to higher operating income; higher net foreign exchange gain, increase in equity share in net profit of joint ventures and strong contribution of new terminals, which was partially tapered by an increase in depreciation and amortization, and interest on loans, concession rights payables and lease liabilities.
Equity shares in net profit of joint ventures in the first half of 2022, meanwhile peaked by 308 percent to $3 million from $742,000 for the same period in 2021 due to the ICTSI’s share in higher net earnings in Manila North Harbor Port Inc. and lower net loss in Sociedad Puerto Industrial Aguadulce S.A. (SPIA).
While its diluted earnings per share for the first half of 2022 surged 68 percent to $0.135 compared to $0.081 in the same period in 2021 because of higher net income and lower cumulative distributions to holders of perpetual capital securities.