International Container Terminal Services reported its net income in the first quarter of 2013 was $43.2 million, jumping 20 percent from $36.0 million in the first quarter of 2012.
Quarterly revenue from port operations was $209.3 million, up 20 percent from $173.8 million in the same period last year. The revenue gain was fueled by higher storage revenue and ancillary services, a favorable volume mix, tariff rate increases in certain terminals and the revenue contribution from the new terminals in Jakarta, Indonesia, and Karachi, Pakistan, ICTSI said in a written statement. Excluding the revenue from the newly acquired terminals and the effect of the cessation of operations in Syria, effective January 2013, organic revenue growth was 9 percent. The group’s seven key terminal operations in the Philippines, Brazil, Poland, Ecuador, Madagascar, China and Pakistan accounted for 85 percent of the group’s consolidated revenue in the first quarter of 2013.
The Philippines-based port management company handled consolidated volume of 1.5 million 20-foot-equivalent units in the first quarter, up 12 percent year-over-year from 1.3 million, driven by continuous growth in international and domestic trade in most of the company’s terminals and the volume generated by the company’s new terminal operations, ICTSI said. Excluding the volume from the two recent port acquisitions and the effect of the cessation of the operations in Syria, organic volume growth was relatively flat. ICTSI’s seven key terminal operations accounted for 79 percent of the group’s consolidated volume in the first quarter of 2013.