ICTSI’s 2nd quarter net income up 12%

ICTSI’s 2nd quarter net income up 12% International Container Terminal Services Inc. today reported a 12 percent rise in second quarter net income to Peso535 million ($12 million) from Peso477 million a year ago after a 40 percent increase in throughput at its worldwide box facilities.
   The Manila, Philippines-based operator’s revenue in the three-month period increased 16 percent to Peso3.28 billion ($72 million) from Peso2.83 billion in year-earlier quarter.
   ICTSI’s group-wide container volume in the quarter was 642,274 TEUs, up from 458,370 TEUs last year. Domestic operations accounted for 386,452 TEUs handled, or 60 percent of consolidated volumes, a 28 percent increase over the volumes handled in the 2006 second quarter. The increase resulted from an 11.5 percent growth in volume handled at the Manila International Container Terminal (MICT) and new volume reported by DIPSSCOR, ICTSI's recently acquired operations in Davao, southern Philippines.
   Foreign container volume amounted to 255,822 TEUs, which grew 64 percent over last year on account of high volume growths in Brazil and Poland, combined with new volume handled by new subsidiaries in Indonesia and China. Foreign container volume now accounts for 40 percent of the total as compared with 34 percent in the second quarter last year.
   After six months, ICTSI posted net income of Peso1.04 billion ($23 million), up 26 percent from Peso852 million in the first half 2006. First half revenue improved 16 percent to Peso6.40 billion ($139 million) with global container volume up 40 percent to 1.28 million TEUs.
   “The solid financial results of the first six months of the year are a result of the good execution of the company's growth strategy by our business units,” said Enrique K. Razon Jr., ICTSI’s chairman and president. “ICTSI's four main port operations continue to be the core driver of the company's sustained growth. Our Manila flagship terminal reported above 10 percent volume growth year-on-year. Brazil, Poland and Madagascar delivered very strong financial performance in the second quarter.
   “Our recent acquisitions in Indonesia and Davao are already producing good results; these were offset by start-up costs at our new operations in Syria and China,” Razon added.
   “For the rest of the year and into 2008, we will focus our efforts in the start-up operations of our new terminals in China, Ecuador and Syria, and the development of a new terminal in Colombia, while continuing to look for new business opportunities in port operations.”