ICTSI’s 2nd quarter net income up 16%

ICTSI’s 2nd quarter net income up 16%    Manila, Philippines-based global port operator International Container Terminal Services Inc. reported a 16 percent rise in second quarter net income to Peso477 million ($9.1 million) from Peso411 million a year ago.
   Revenue increased 9 percent to Peso2.84 billion ($54.3 million) from Peso2.61 billion in year-earlier quarter.
   ICTSI’s group-wide container volume was 458,370 TEUs, down 1.5 percent from 465,301 TEUs. Domestic operations in Manila were down 6 percent to 302,704 TEUs while foreign volumes rose 6 percent to 155,666 TEUs.
   “ICTSI has delivered solid results for the quarter,” said Enrique K. Razon Jr., ICTSI’s chairman and chief executive officer. “Container handling volumes in Manila continue to lag behind the levels we experienced in the first half of 2005.”
   “We are excited about the new terminal opportunities in Makassar, Indonesia and Tartous, Syria, and remain focused on executing the company’s proven international growth strategy,” Razon added.
   After six months, ICTSI posted net income of Peso852 million ($16.4 million), up 26 percent from Peso677 million in the first half 2005. Revenue in the first half 2006 improved 11 percent to Peso5.53 billion ($106.2 million) from Peso4.98 billion in the same period last year. ICTSI’s global container volume has grown 1 percent to 917,773 TEUs so far this year.