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ICTSI records modest rise in Q1 profit

ICTSI records modest rise in Q1 profit
Manila-based International Container Terminal Services, Inc. (ICTSI) has registered a modest increase in net profit in the first quarter of 2015, aided by improved revenue from higher terminal activities.

Profit for the quarter ended 31 March 2015 rose 3% to $54m from $52.4m earned in the same period of last year.

Revenue also jumped by 19% year-on-year to $296.1m, driven mainly by continued margin improvement at Contecon Manzanillo, Mexico and Operadora Portuaria Centroamericana in Puerto Cortes, Honduras, as these two container terminals entered their second full year of commercial operations.

ICTSI handled a total box throughput of 1.98m teu for the quarter, up 13% from 1.76m teu posted in the previous corresponding period. The increase in volume was mainly due to the improvement in international and domestic trade in most of the company’s terminals, new shipping lines and services.

ICTSI added that there was also “favourable impact of terminal consolidation” at China’s Yantai and contributions from its new terminal in Iraq’s Basra, which began operations in November 2014.