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ICTSI interims show 83% gain in net profit

Manila: International Container Terminal Services, Inc. (ICTSI) has reported consolidated unaudited financial results for the six months ended 30 June 2010, posting first half revenue from port operations of US$246.9 million, an increase of 31 percent over the US$188.8 million reported last year; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$118.7 million, 49 percent higher than the US$79.9 million generated in 2009; and net income attributable to equity holders of US$42.4 million, up 83 percent over the US$23.2 million earned last year. 
The higher net income attributable to equity holders was mainly caused by the upsurge in revenues, modest increase in cash operating expense, and lower effective tax rate for the period. 
Enrique K. Razon Jr., ICTSI chairman and president, commented:  "The strong recovery in throughput volumes we experienced in the first quarter has continued and, combined with our continued focus on cost control, resulted in record financial results for the first half of the year.   We also took further steps to secure long term funding to facilitate further expansion of our worldwide portfolio."  [06/08/10]


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