Maritime
attributable to equity holders would have increased by 72 percent . Diluted earnings per share for the quarter increased 66 percent from US $ 0.013 in 2015 to US $ 0.021 in 2016 .
Gross revenues from port operations for the first nine months of 2016 increased five percent to US $ 835.0 million from US $ 792.0 million reported for the same period in 2015 . The increase in revenues was mainly due to volume growth at most of the Company ’ s terminals ; tariff rate adjustments and new contracts with shipping lines and services at certain terminals ; and the continuing ramp-up at ICTSI Iraq . This however was partially off-set by unfavorable container volume mix and lower non-containerized and storage revenues at certain terminals . For the third quarter of 2016 , gross revenues increased 18 percent to US $ 284.2 million from US $ 239.9 million in 2015 . All three of the Company ’ s geographic segments in Asia , EMEA and Americas posted double digit revenue growth in the third quarter of 2016 .
Consolidated cash operating expenses in the first three quarters of 2016 was down five percent to US $ 310.1 million from US $ 326.6 million in the same period in 2015 . The decrease was mainly due to the improved operational efficiencies resulting to lower costs of repairs and maintenance , lower fuel and power consumption , combined with lower global fuel prices ; the implementation of the
company-wide cost optimization initiatives ; and lower variable cost at ICTSI Oregon ( IOI ) in Portland , OR , USA . The reduction in cash operating expenses was tapered by increase in variable manpower costs as a result of increase in volume and the cost contribution of new terminals and projects .
Consolidated EBITDA for the first nine months of 2016 increased 15 percent to US $ 390.3 million from US $ 339.5 million in 2015 mainly due to strong revenue growth combined with lower operating costs and effective cost optimization initiatives . Consequently , consolidated EBITDA margin improved to 47 percent in the first nine months of 2016 from 43 percent in the same period the year earlier .
Consolidated financing charges and other expenses for the first three quarters increased 38 % from US $ 48.6 million in 2015 to US $ 66.8 million in 2016 . The increase was mainly due to slightly higher average loan balance and lower capitalized borrowing costs due to the cessation of the capitalization of Tecplata ’ s borrowing cost , unfavorable translation impact of certain currencies against US dollar in 2016 , and the recognition of solidarity contribution tax and provision for claims at Contecon Guayaquil S . A . ( CGSA ) in Guayaquil , Ecuador .
Capital expenditures for the first nine months of 2016 amounted to US $ 297.9 million . Excluding capitalized borrowing costs and expenses , capital expenditures amounted to US $ 273.0 million , approximately 65 % of the US $ 420.0 million capital expenditure budget for the full year 2016 . The established budget is mainly allocated for the completion of the initial stage of the Company ’ s new container terminals in Australia , Democratic Republic of Congo and Iraq , and the continuing development of the Company ’ s projects in Honduras and Mexico . In addition , ICTSI invested US $ 50.1 million in the development of Sociedad Puerto Industrial Aguadulce S . A . ( SPIA ), its joint venture container terminal development project with PSA International Pte Ltd . ( PSA ) in Buenaventura , Colombia . The Company ’ s share for 2016 to complete the initial phase of the project is approximately US $ 60.0 million .
ICTSI is widely acknowledged to be a leading global developer , manager and operator of container terminals in the 50,000 to 2.5 million TEU / year range . ICTSI has an experience record that spans six continents and continues to pursue container terminal opportunities around the world .
12