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ICTSI pushes for bond sale as revenues drop

Manila: International Container Terminal Services Inc (ICTSI), the largest Philippine port operator, also known as ICTSI, has hired HSBC Holdings Plc and JPMorgan Chase & Co to manage its first dollar-denominated bond sale in 13 years. ICTSI said yesterday that its net income fell 15% to $54.9m last year as revenue from port operations fell 9% to $421.7m. The stock increased 2.3 percent to 22 pesos.
In common with other terminal operators, ICTSI had a much better second half of the year that the first six months. "We managed to control our costs well and limit the negative impact of volume declines, and the second half of the year was notably better than the first, with the fourth quarter showing the first year-over-year growth in volumes since the third quarter of 2008," according to ICTSI chairman and president Enrique Razon Jr. in a statement. [05/03/10]


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