Maritime
ICTSI 1H2017 Net Income Up 19 % to US $ 103.6M ictsi . com
I
* Throughput grew 7 % to 4.5 million TEUs * Revenues increased 10 % to US $ 603.7 million * EBITDA 13 % higher to US $ 289.7 million
nternational Container Terminal Services , Inc . ( ICT- SI ) today reported unaudited consolidated financial results for the first half of 2017 posting revenue from port operations of US $ 603.7 million , an increase of 10 percent over the US $ 550.8 million reported for the first six months of 2016 ; Earnings Before Interest , Taxes , Depreciation and Amortization ( EBITDA ) of US $ 289.7 million , 13 percent higher than the US $ 257.5 million generated in the first half of 2016 ; and net income attributable to equity holders of US $ 103.6 million , up 19 percent from the US $ 87.3 million earned in the same period last year due to the continuing ramp-up at the new terminal in Matadi , Democratic Republic of Congo ( DRC ), strong operating income contribution from the terminals in Iraq , Mexico and Brazil , and the one-time gain on the termination of the sub-concession agreement in Nigeria . The increase in net income was tapered by higher interest and financing charges ; higher depreciation and amortization expenses ; start-up costs at the Company ’ s terminal in Melbourne Australia ; and increase in the Company ’ s share in the net loss at Sociedad Puerto Industrial Aguadulce S . A . ( SPIA ), its joint venture container terminal project with PSA International Pte Ltd . ( PSA ) in Buenaventura , Colombia , which increased from US $ 3.2 million in the first half of 2016 to US $ 18.7 million for the same period in 2017 as the company started full commercial operations at the beginning of the year . Excluding the one-time gain on the termination of the sub-concession agreement in Nigeria , consolidated net income attributable to equity holders would have increased by 10 percent in the first half of 2017 . Diluted earnings per share for the period was 32 percent higher at US $ 0.041 from US $ 0.031 in 2016 .
For the quarter ended June 30 , 2017 , revenue from port operations increased eight percent from US $ 284.3 million to US $ 306.5 million ; EBITDA was five percent higher at US $ 142.7 million from US $ 135.5 million ; and net income attributable to equity holders was up 15 percent from US $ 45.1 million to US $ 51.9 million . Excluding the one-time gain on the termination of the sub-concession agreement in Nigeria , consolidated net income attributable to equity holders would have decreased by two percent in the second quarter of 2017 . Diluted earnings per share for the quarter was 18 percent higher at US $ 0.020 from US $ 0.017 in 2016 .
ICTSI handled consolidated volume of 4,545,405 twenty-foot equivalent units ( TEUs ) in the first six months of 2017 , seven percent more than the 4,264,633 TEUs handled in the same period in 2016 . The increase in volume was primarily due to continuing improvement in global trade activities particularly in the emerging markets , continuing ramp-up at ICTSI ’ s operations in Basra , Iraq , new services at Manzanillo , Mexico and the new terminals in Matadi , DRC and Melbourne , Australia . Excluding the new terminals , consolidated volume
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