Manila—(PHStocks)—International Container Terminal Services Inc. (ICTSI, PSE: ICT) reported audited consolidated financial results for the year ended December 31, 2016 posting revenue from port operations of US$1.128 billion, seven percent higher compared to US$1.051 billion last year, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$525.1 million, 17 percent better than the US$450 million generated the previous year, and reported net income attributable to equity holders of $180 million, up 207 percent compared to the US$58.5 million earned in 2015. Fully diluted earnings per share for the period surged 491 percent to $0.065 from $0.011 in 2015.
In 2016, the company recognized a non-recurring charge of US$23.4 million on the pretermination of the lease agreement at ICTSI Oregon Inc., the company’s terminal in Oregon, USA. In 2015, the Company recognized non-recurring items such as the gain on the sale of the terminal in Naha, Japan, impairment charges on the concession rights assets of Tecplata S.A. in Buenos Aires, Argentina, and the goodwill of PT ICTSI Jasa Prima Tbk and PT OJA in Jakarta, Indonesia, of $0.3 million, $88 million and $26.6 million, respectively. Excluding these non-recurring items, recurring net income would have increased 18 percent to $203.4 million from $172.8 million in 2015.