Filipino port group ICTSI’s 2nd quarter net income jumps 42%

Filipino port group ICTSIÆs 2nd quarter net income jumps 42%    International Container Terminal Services Inc. (ICTSI), an international port company based in the Philippines, increased its second quarter net income 42 percent to 408 million pesos ($7 million), despite a modest rise in container throughput handled.
   ICTSI said the significant growth in earnings resulted principally from continued strong performance at the company’s three main operating units: the Manila International Container Terminal in the Philippines; the Baltic Container Terminal located in Gdynia, Poland; and the Tecon Suape terminal in Brazil.
   ICTSI handled 465,301 TEUs during the second quarter, 5 percent more than in the second quarter of 2004.
   Gross revenues at ICTSI increased 18 percent to Peso2.6 billion ($48 million) from Peso2.2 billion a year earlier. Operating expenses increased 12 percent to Peso1.4 billion ($25 million), due to higher electricity and fuel costs at the Polish and Brazilian terminals and increased project-related expenses.
   Earnings before interest, taxes, depreciation and amortization rose 28 percent to Peso966 million ($18 million) from Peso754 million.
   ICTSI’s Tecon Suape terminal in Brazil increased its throughput 36 percent to 45,138 TEUs, up from the 33,301 TEUs.
   The Filipino port group was recently awarded a concession to operate a container terminal in Toamasina, Madagascar. It will be taking over the operations of this facility in mid-October.