Singapore-listed port operator International Container Terminal Services (ICTSI) posted a 24% full-year gross revenue increase for the financial year ended 31 December 2014, due to higher contribution from newer business units.
ICTSI hiked 6% year on year (y/y) to USD191.5 million in FY 2014, following the increase in the gross revenue to USD1.06 billion as compared to USD852.4 million in FY 2013. EBITDA grew 17% y/y to USD443 million in FY 2014 from USD377.3 million in FY 2013.
In addition, higher costs were incurred through the government-mandated and contracted salary rate increases in certain terminals, increased business development activities, and higher cash operating expenses and higher start-up costs of new terminals and projects.