ICTSI 2008 revenue up, profit down

ICTSI 2008 revenue up, profit down Philippine terminal operator International Container Terminal Services Inc. on Tuesday reported a 37 percent increase in revenue but a 13 percent decrease in net profit for 2008.
   ICTSI said profits slid for two primary reasons:
   ' Local currencies in the countries where it operates terminals fell steeply against the dollar in the last quarter of 2008.
   ' The company had to restate its revenue and profits for 2007 after adopting a new international accounting standard called IFRIC 12.
   'Excluding the impact of IFRIC 12, net income attributable to equity holders would have been ($57.5 million) in 2007 and ($60.6 million) in 2008, an increase of 6 percent,' ICTSI said in a statement.
   After allowing for the new accounting standard, ICTSI's revenue grew to $426.2 million in 2008, while profits sunk to $59.2 million. The company saw throughput at its global terminals rise 24 percent, to 3.7 TEUs in 2008, of which 51 percent was handled at terminals in the Philippines.
   Domestic container volume grew 18 percent, while foreign volume grew 31 percent, driven mainly by new terminal operations in Ecuador, Georgia and Syria.
   'In spite of the weak global economy in much of 2008, ICTSI has delivered excellent full year results,' said Enrique Razon Jr., ICTSI chairman and president. 'However, we do not expect to be immune to the deteriorating economic situation and the resulting pronounced downturn in global trade, and thus we expect 2009 to be a more difficult year.'