Macquarie Infrastructure Boosts IMTT Profits, Jet Fuel Sales
11.03.2015 - NEWS

November 3, 2015 [OPIS] - Macquarie Infrastructure Corp. (MIC) said on Monday that its oil storage business, International Matex Tank Terminals (IMTT), posted stronger third-quarter earnings and gross profits on higher storage tank utilization and stable pricing.


IMTT’s EBITDA excluding noncash items for the third quarter was $72.861 million versus $52.836 million a year ago. Gross profit was $79.446 million versus $63.414 million.

IMTT owns and operates 12 bulk liquid storage terminals in North America, with aggregate capacity of 42 million bbl. It has 10 marine terminals on the East, West and Gulf Coasts and in the Great Lakes regions. In addition, IMTT has two partially owned terminals in Quebec and Newfoundland. The largest terminals are in New York Harbor and on the Mississippi River near the Gulf of Mexico.

MIC said its jet fuel supply division, Atlantic Aviation, turned in particularly strong financial results, thanks to higher sales volumes.

The consistent growth in general aviation flight activity in the U.S. and volume of fuel sold per flight saw same store gross profit generated by Atlantic Aviation increase by 8.5% and 8.7% in the quarter and nine-month periods ended Sept. 30, 2015, respectively. The growth in reported gross profit, including acquisitions, was 9.2% and 15.4% in the quarter and nine-month periods, respectively.

Atlantic Aviation’s EBITDA excluding noncash items for the third quarter was $50.603 million versus $44.285 million a year ago. Gross profit at IMTT was $102.028 million versus $93.437 million.

MIC’s total EBITDA increased 45.6%, to $160.3 million, and 54.6%, to $463.0 million, in the quarter and nine-month periods, respectively. This was primarily as a result of an increase in gross profit in both periods, offset by higher selling, general and administrative expenses in the nine-month period, especially professional fees associated with various transactions in which the company was involved.

Besides jet fuel and terminals, MIC also has two other business segments: contracted power and energy, and Hawaii gas.

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