ICSTI first half profit up 29%
Manila-based global terminal operator International Container Terminal Services Inc. said Tuesday its first half operating profits rose 27 percent to $108.7 million.
Revenue for the first half of 2011 rose 29 percent to $319 million. ICTSI chalked up the gains to 'continued recovery of the global economy' and the addition of new terminals in its network.
Volume at ICTSI terminals rose 24 percent in the first half. The operator said it is becoming less dependent on its Asia operations, with 57 percent of its volume come from its Asian terminals in the first half, compared to 64 percent in the first half of 2010.
Organic volume growth — volume at terminals not added to ICTSI's portfolio in the last year — grew 18 percent. ICTSI took over operations at Terminal 6 in the Port of Portland in February, handling 72,945 TEUs from Feb. 12 through the end of the first half. The operator also started operations at a terminal in Croatia's biggest seaport, Rijeka, in mid-April.
ICTSI operates 18 terminals in 13 countries, with its flagship facility in Manila. It has four other developments underway in Mexico, India, Argentina and Colombia.
ICSTI first half profit up 29%
