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Profits and volumes up for ICTSI

Manila: Net profits for International Container Terminal Services Inc more than doubled in the first quarter of the year. Manila-headquartered ICTSI reported a net profit of $22.8m in the first quarter, up 107% on the $11m earned in the same period a year earlier. "The higher net income attributable to equity holders was mainly due to an increase in volume brought about by the surge in global trade and favorable effect of operating leverage," the company said. Volumes handled by the terminal were up 27% at 962,028 teu, compared to the 755,958 teu handled in the same period in 2009. Throughput from the group's container terminal operations in Asia, comprised of the terminals in the Philippines, Indonesia, Japan, China and Brunei, increased 29% to 610,401 teu in 2010 from 474,408 teu in the same period in 2009. [07/05/10]

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