International Container Terminal Services, Inc. (ICTSI) has announced its financial results for the year ended December 31, 2014. It reported revenue from port operations of $1.1bn, an increase of 24% over 2013’s result. The company also recorded EBITDA of $443.0m, a 17% increase year-on-year. Accordingly the company’s margin stood at 40.27%.
The increase in revenue was partly attributable to higher volumes. ICTSI handled consolidated volume of 7,438,635 TEUs for the year ended December 31, 2014, 18% more than it handled in 2013. The increase in volume was due to the volume generated by the company’s new container terminals in Manzanillo, Mexico; Puerto Cortes, Honduras; and Umm Qasr, Iraq. Further growth came from the positive impact of the consolidation of terminal operations at the Port of Yantai in China from July 2014 and the 20% volume growth in Baltic Container Terminal in Gdynia, Poland.
Excluding the volume from the three new terminals, organic volume would have increased by slightly more than 2%. The company’s seven key terminal operations in the Philippines, Brazil, Poland, Madagascar, China, Ecuador and Pakistan, which grew by 5%, accounted for 70% of the group’s consolidated volume in 2014.
EBITDA growth was driven by higher revenue and increased contributions from newer operations in Manzanillo, Puerto Cortes, the consolidation of terminal operations in Yantai, and improved performance at Subic Bay, the Philippines.
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