Filipino operator ICTSI trebles profits
Philippines-based International Container Terminal Services Inc. (ICTSI) boosted its net income 253 percent to PhP345 million ($6 million) in the third quarter thanks to increased volumes and profits at the company’s three main terminals in the Philippines, Brazil and Poland.
Worldwide volume handled in the third quarter rose 22 percent to 481,453 TEUs.
ICTSI reported that Manila International Container Terminal, its main operation, handled 330,751 TEUs during the quarter, 16 percent higher than last year’s volume.
The company’s Baltic Container Terminal Ltd. in Poland moved 88,633 TEUs, up 12 percent on the third quarter of 2003.
The Tecon Suape S. A. box terminal in Brazil handled 39,628 TEUs in the latest quarter, 161 percent higher than volumes last year of 15,182 TEUs.
Group revenue for the third quarter was PhP2.4 billion ($43 million), up from PhP1.9 billion in the same quarter of 2003.
For the first nine months of 2004, ICTSI reported net income of PhP791 million ($14 million), representing a year-on-year increase of 147 percent.
The year-to-date results include the full consolidation of Baltic Container Terminal’s nine-month results of operations for the year. “This is expected to have a material impact on the company’s consolidated results for the period since the comparable 2003 financial statements reflected only third quarter results of BCT, following its acquisition by ICTSI in June 2003,” the company said.
Nine-month worldwide volume at the company totaled 1.4 million TEUs, 17 percent higher than the 1.2 million TEUs handled in the same period of last year.
Filipino operator ICTSI trebles profits
