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ICTSI records strong rise in 2013 results

ICTSI records strong rise in 2013 results
International Container Terminal Services, Inc (ICTSI) has increased its earnings in 2013 as box throughput grew and margins improved at some of its key terminals.

The Manila-based port operator posted a net profit of $172.4m last year, an increase of 20% over $143.2m earned in 2012.

ICTSI attributed the higher profit to strong revenue growth and margin improvement in certain key terminals and the contribution from the new terminal in Karachi, Pakistan.

Revenue rose 17% year-on-year to $852.4m.

In container handling volumes, ICTSI moved 6.31m teu for the year ended 31 December 2013, 12% more than 5.63m teu handled in 2012.

The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the company's terminals.

The company's seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 78% of the group's consolidated volume in 2013.