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ICTSI boosted by new terminals

ICTSI boosted by new terminals
Global niche terminal operator International Container Terminal Services, Inc (ICTSI) has announced an 18% rise in first half profit to $82.9m.

Consolidated EBITDA surged 26% to $188.1m, and excluding activity at the company's new terminals was still up 11%.

Revenues from port operations increased from $345m in 1H 2012 to $413.7m this year, a 20% jump.

"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 in its earnings release.

The pair of new terminals helped raise handled volumes to 3,027,005 teu, a 12% increase on the 2,697,735 handled in the first half of 2012. Discounting the volumes handled at the new terminals and the effect of ceasing operations in Syria in January 2013, volume growth was flat.