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Asia Maritime Blog
TTA builds on Singapore presence

    ICTSI sees revenue record broken in first nine months of 2011

    Philippines-based International Container Terminal Services, Incyesterday reported consolidated unaudited financial results for the nine months ending September 30, 2010, posting revenue from port operations of $380.6m, an increase of 27% over the $299.3m reported last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $182.4m, 41% higher than the $129.1m generated in 2009, and net income attributable to equity holders of US$73.0m, up 97% over the US$37.2m earned last year.

    The higher net income attributable to equity holders was mainly caused by the upsurge in revenues, modest increase in cash operating expense, lower effective tax rate for the period and a one-time gain on sale of non-core assets, the company said.

    After adjusting for the effect of non-recurring income related to the sale of ICTSI’s 9.54% ownership stake in Subic Shipyard and Engineering, Inc. and 8.56% in Consort Land, Inc and a write-down of the carrying value of certain property assets related to the company’s greenfield project in Buenaventura, Colombia, net income attributable to equity holders for the period would have been US$63.6%, 71% higher than the same period in 2009.

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