• ITVI.USA
    15,353.780
    -79.690
    -0.5%
  • OTLT.USA
    2.732
    0.005
    0.2%
  • OTRI.USA
    20.880
    0.030
    0.1%
  • OTVI.USA
    15,332.660
    -75.700
    -0.5%
  • TSTOPVRPM.ATLPHL
    3.280
    -0.020
    -0.6%
  • TSTOPVRPM.CHIATL
    3.190
    0.050
    1.6%
  • TSTOPVRPM.DALLAX
    1.560
    -0.030
    -1.9%
  • TSTOPVRPM.LAXDAL
    3.420
    0.090
    2.7%
  • TSTOPVRPM.PHLCHI
    2.220
    0.050
    2.3%
  • TSTOPVRPM.LAXSEA
    4.080
    0.000
    0%
  • WAIT.USA
    126.000
    1.000
    0.8%
  • ITVI.USA
    15,353.780
    -79.690
    -0.5%
  • OTLT.USA
    2.732
    0.005
    0.2%
  • OTRI.USA
    20.880
    0.030
    0.1%
  • OTVI.USA
    15,332.660
    -75.700
    -0.5%
  • TSTOPVRPM.ATLPHL
    3.280
    -0.020
    -0.6%
  • TSTOPVRPM.CHIATL
    3.190
    0.050
    1.6%
  • TSTOPVRPM.DALLAX
    1.560
    -0.030
    -1.9%
  • TSTOPVRPM.LAXDAL
    3.420
    0.090
    2.7%
  • TSTOPVRPM.PHLCHI
    2.220
    0.050
    2.3%
  • TSTOPVRPM.LAXSEA
    4.080
    0.000
    0%
  • WAIT.USA
    126.000
    1.000
    0.8%
American Shipper

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.

We are glad you’re enjoying the content

Sign up for a free FreightWaves account today for unlimited access to all of our latest content

By signing in for the first time, I give consent for FreightWaves to send me event updates and news. I can unsubscribe from these emails at any time. For more information please see our Privacy Policy.