The higher net income attributable to equity holders for the first semester was mainly due to the modest growth in volume and revenues in al three geographic segments, and lower financing charges. Earnings per share for the period was slightly lower at US$0.030 from US$0.031 in 2011 due to the effect of the distributions on the additional US$150.0 milion and the initial US$200.0 milion subordinated perpetual capital securities issued in January 2012 and May 2011, respectively.
For the quarter ending June 30, 2012, revenue from port operations increased four percent from US$164.2 milion to US$171 .2 milion. EBITDA was flat at US$72.3 milion from US$72.1 milion and net income attributable to equity holders grew 11 percent from US$31.5 milion to US$34.9 milion.
Earnings per share for the quarter declined from US$0.016 in 2011 to US$0.015 due to the effect of the distributions on the additional US$150.0 million and the initial US$200.0 milion subordinated perpetual capital securities issued in January 2012 and May 2011, respectively.
ICTSI handled consolidated volume of 2,697,735 twenty-foot equivalent units (TEUs) in the first half of 2012, nine percent more than the 2,483,977 handled in the same period in 2011. The increase in volume was mainly due to the continued growth in international trade where the Group’s terminals are located, new shipping line routes and customers, continuous containerization of break bulk cargoes, and the ful period contribution of the Company’s new container terminals in Portland, Oregon, USA and Rijeka, Croatia.
Excluding the volume from the two latest container terminal acquisitions, organic volume growth was at seven percent. Volume from the Group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 percent of the Group’s consolidated volume for the first half of 2012, increased nine percent from 1,840,887 TEUs to 2,002,780 TEUs. For the quarter ending June 30, 2012, total consolidated throughput was four percent higher at 1,359,419 TEUs compared to 1,312,008 TEUs in 2011.
Gross revenues from port operations for the first six months of 2012 increased eight percent to US$345.0 milion from the US$319.1 milion reported in the same period in 2011. The increase in revenues for the first half of 2012 was mainly due to the volume growth on all geographic segments, higher storage revenues and ancilary services, favorable volume mix, tariff increases at key terminals and the ful period contributions of the terminals in Portland, Oregon USA and Rijeka, Croatia. Excluding the revenues from the newly acquired terminals, organic revenue growth was at six percent. Revenue contribution from the Group’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 84 percent of the Group’s consolidated revenues for the first half of 2012, increased six percent from US$274.0 milion to US$290.4 milion. For the quarter ending June 30, 2012, revenues were at US$171.2 milion, four percent greater than the US$164.2 milion generated in 2011.
Total consolidated cash operating expenses for the first six months of 2012 grew 11 percent to US$149.1 milion from US$134.2 milion in the same period in 2011. The increase was mainly driven by higher volume-related expenses (i.e. fuel, power and repairs and maintenance), government-mandated and contracted salary rate increases in certain terminals, higher concession fees in the Company’s operations in Recife, Brazil, and the consolidation of ful period expenses of in Portland, Oregon and Rijeka, Croatia. Excluding the cash operating expenses of the new terminals, total cash operating expenses would have increased by only seven percent.
Consolidated EBITDA for the first half of 2012 increased four percent to US$149.1 milion from US$143.3 milion in 2011 mainly due to the higher volume, stronger revenues from storage and ancilary services and tariff rate increases in some key terminals. Consolidated EBITDA margin, however, declined in the first half of 2012 by two percentage points to 43 percent from 45 percent in the same period in 2011 mainly due to the government mandated and contracted salary rate increases in certain terminals, higher concession fees in the operations in Recife, Brazil, and the drag from the new terminals in Portland, Oregon and Rijeka, Croatia.
For the first six months of 2012, consolidated financing charges and other expenses declined by 32 percent to US$16.2 milion compared to the previous year¹s US$24.0 milion. The lower consolidated financing charges and other expenses was primarily a result of higher capitalized borrowing cost as the Company continued to expand existing terminals in Manila and Ecuador as wel as develop new projects in Mexico and Argentina.
ICTSI’s capital expenditure in the first six months of 2012 amounted to US$191.0 milion against a ful year capital expenditure budget of US$550 milion. The capital expenditure in the first semester was mainly attributed to the construction of a new berth, additional yard space and acquisition of major cargo handling equipment in the Company’s container terminal in Manila, capacity expansions in its operations in Ecuador and Brazil, and development of new container terminals in Argentina and Mexico.
ICTSI is widely acknowledged to be a leading global developer, manager and operator of container terminals in the 50,000 to 2.5 milion TEU/year range. ICTSI has an experience record that spans four continents and continues to pursue container terminal opportunities around the world.
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