The terminal operator handled consolidated volume of 7,438,635 teu, with its new ventures in South America, Contecon Manzanillo S.A. (CMSA) and Operadora Portuaria Centroamericana, S.A. de C.V (OPC), and ICTSI Iraq, contributing the most. The consolidation of terminal operations at the Chinese port of Yantai also played a part, while 20% of the volume growth came from Baltic Container Terminal in Poland. <\/p>\n
Excluding the volume from the three new terminals, organic volume would have increased by slightly more than 2%. The company\u2019s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan, which grew by five percent, accounted for 70 percent of the Group\u2019s consolidated volume in 2014. <\/p>\n
ICTSI also reported revenue from port operations of US$1.1bn, an increase of 24% over the US$852.4m reported for the same period the previous year \u2013 also put down to new operations in Mexico, Iraq and Honduras as well as \u201cfavourable volume mix\u201d. <\/p>\n
Excluding the revenues from the new terminals, organic revenue growth was 8% percent, and all three geographical segments reported double-digit growth in gross revenues with Americas posting a notable growth of 40% and Asia and EMEA each posting strong 16% increases. <\/p>\n
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) also rose 17% to US$443m, while net income attributable to equity holders was up 6% at US$182m. <\/p>\n
Despite the slight increase, ICTSI says net income growth was negatively impacted by start-up costs and higher levels of operating expenses in Mexico, Honduras and China, higher levels of depreciation expense and increased interest expense driven by lower levels of capitalised interest during construction. <\/p>\n
In addition, net income was also affected by a number of non-recurring items, including gains on the sale of non-operating subsidiary in the Philippines (US$13.2 million), the termination of a management contract in Kattupalli, India (US$1.9 million), settlement of insurance claims at Guayaquil, Ecuador (US$1.5 million) and a gain on the restructuring of investment in Yantai China of US$31.8 million. <\/p>\n
ICTSI\u2019s capital expenditure in 2014 amounted to US$279m, mainly attributed to terminal developments in Mexico and Argentina, expansion in Croatia, refurbishment in its newly acquired terminal in Honduras, and to start the development of the terminal in Democratic Republic of Congo. <\/p>\n
For 2015, the Group has a capital expenditure budget of around US$530m, mainly allocated for the completion of development of the company\u2019s new container terminals in Mexico and Democratic Republic of Congo. The money will also go towards capacity expansion in its terminal operation in Manila, and to start the development of the new terminals in Iraq and Australia. <\/p>\n
For its joint venture container terminal development project with PSA International Pte (PSA) in Buenaventura, Colombia, ICTSI expects to invest approximately US$140m in 2015 to complete phase one of the project. <\/p>\n","protected":false},"excerpt":{"rendered":"
International Container Terminal Services, Inc (ICTSI) reported an 18% increase in throughput for the year ended 31 December 2014, thanks in large part to new operations in South America.<\/p>\n","protected":false},"author":8,"featured_media":4104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[41],"tags":[],"sponsor":[],"class_list":["post-4103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulk-handling"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/posts\/4103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/comments?post=4103"}],"version-history":[{"count":1,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/posts\/4103\/revisions"}],"predecessor-version":[{"id":4105,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/posts\/4103\/revisions\/4105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/media\/4104"}],"wp:attachment":[{"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/media?parent=4103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/categories?post=4103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/tags?post=4103"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.portstrategy.com\/coastlink\/wp-json\/wp\/v2\/sponsor?post=4103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}