Joseph Bonney, Senior Editor | Aug 13, 2012 2:56PM EDT
Global port operator International Container Terminal Services Inc. reported second quarter net income rose 11 percent but earnings before interest, taxes, depreciation and amortization were flat amid “modest growth” in volume.
The Phillipines-based company’s revenue increased 4 percent to $171.2 million in the second quarter, and 8 percent to $345 million for the year’s first half. Container volume grew 4 percent in the quarter to 1,359,419 20-foot-equivalent units in the quarter and 9 percent to 2.7 million TEUs for the six months.
Second quarter EBITDA was $72.3 million, compared with $72.1 million a year earlier. For the six months, EBITDA rose 4 percent to $149.1 million. Net income rose 11 percent to $31.5 million in the first quarter and 17 percent to $60 million for the six months. Financing costs declined 32 percent to $16.2 million in the year’s first half.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.