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ICTSI sees first quarter income growth

ICTSI sees first quarter income growth

Manila: Philippines-headquartered International Container Terminal Services, Inc (ICTSI) has declared a 36% growth in consolidated net income to PhP 510m ($10.8m) for the first quarter of the year ended March 31 - up from PhP 375m in 2006. Gross revenues from port operations grew 16% to $10.8m from $7.8m seen the year before.

ITCSI's operations handled a consolidated volume of 642,475tteu during the first quarter, 40% more than the 459,403teu handled in the first quarter of 2006.  The bulk of increase came from its recently acquired operations at the ports of Davao (Philippines), Makassar (Indonesia) and Yantai (China).  

"The first quarter is normally our softest period, but ICTSI is off to a strong start this year with all of our major terminals reporting excellent results," said ITCSI president and chairman Enrique K. Razon Jr. "Our flagship terminal in Manila has achieved its highest rate of quarterly volume growth since late 2004.  Our international operations continue to move forward, with strong first quarter financial performance from our terminals in Brazil and Poland and encouraging initial results from our recent acquisitions in Indonesia and China."

 "We are looking forward to the start up of our operations in Syria and Ecuador later in 2007 even as we continue to pursue our aggressive international expansion strategy," he added.  [17/05/07]