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ICTSI reaps expansion rewards

Manila-headquartered port management company International Containter Terminal Services Inc (ICTSI) announced a 15% increase in net profit year on year, earning $40.7m.

Volumes in the first quarter rose 12% to 1.49m teu, 12% up on the same period in 2012, whilst income also rose compared to 2012, up 20% from $173.8m to $209.3m in 2013.

ICTSI attributes the growth in volumes to its new terminal operations in Jakarta and Karachi. "Excluding the volume from the two recent port acquisitions and the effect of the cessation of the operations in Syria effective January 2013, organic volume growth was relatively flat." it said in its earnings release.

Excluding the same factors, organic gross revenue growth stood at 9%. "The increase in revenues was mainly due to higher storage revenues and ancillary services, favorable volume mix, tariff rate increases in certain key terminals, and the revenue contribution from the new terminals in Jakarta, Indonesia and Karachi, Pakistan," the company said.

Higher interest bearing debt helped raise financing and other expenses 33% from $9.5m in 2012 to $12.6m in 2013.

Posted 09 May 2013

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