ICTSI’s 3rd quarter net income up 14%

ICTSI’s 3rd quarter net income up 14%    Manila, Philippines-based international port operator International Container Terminal Services Inc. reported a 14 percent rise in third quarter net income to Peso405 million ($7.45 million) from Peso355 million in the corresponding quarter in 2004.
   ICTSI, which operates container terminals in the Philippines, Poland and Brazil and other countries, said its non-Philippine operations accounted for virtually all of the increase in quarterly earnings. Its foreign operations contributed 42 percent of the latest quarter’s consolidated net income, as compared with 34 percent in the third quarter of 2004 and a net loss in the third quarter of 2003.
   Revenue increased 10 percent to Peso2.62 billion ($48.2 million) from Peso2.38 billion a year earlier.
   Including volume handled by affiliate South Cotabato Integrated Port Services Inc., ICTSI’s group-wide volume was 486,610 TEUs, up marginally from the consolidated volume of 481,453 TEUs handled in the third quarter of 2004.
   “ICTSI has delivered another strong quarter in what is shaping up to be a record year. The continued strong volume growth and excellent financial results at our international units have driven our results this quarter, and provides tangible validation of our international expansion and diversification strategy,” said Enrique K. Razon Jr., ICTSI’s chairman and chief executive officer.
   Last month, the Filipino port group started operations at a container terminal in Toamasina, Madagascar.