ICTSI's earnings jumped 9% to US$307.4m

Thanks to strong revenues from its storage and ancillary services.

International Container Terminal Services, Inc. today reported consolidated audited financial results for the year ended December 31, 2012. 

Consolidated EBITDA for 2012 increased nine percent to US$307.4 million from US$281.4 million in 2011 mainly due to higher revenues from storage and ancillary services, tariff increases in selected key terminals, and favorable volume mix.

It also saw full year contribution from the Company’s terminal operations of Portland, Oregon USA, and Rijeka, Croatia, and the inclusion of the new terminals in Jakarta, Indonesia, Kattupalli, India and Karachi, Pakistan. Consolidated EBITDA margin remained flat at 42 percent. 

It also recorded a net income attributable to equity holders of US$143.2 million, up 10 percent over the US$130.5 million earned in the same period last year.

Recurring net income attributable to equity holders increased 15 percent for the year ended December 31, 2012 after adjusting the previous year’s net income attributable to equity holders to US$124.4 million from the one-time net gain of US$6.1 million from the sale of ICTSI’s 16.79 percent ownership stake in Portek International Limited and a one-time equity tax charge imposed by the Colombian tax authorities on all legal entities and individuals in Colombia.