ICTSI Q1 profits, revenue, volume soar
Philippines-based global terminal operator ICTSI reported first quarter operating profit of $71.2 million, compared to $52.2 million in the same period in 2010.
The company, which operates a portfolio of terminals in niche ports worldwide outside of its flagship facility in Manila, had revenue of $154.9 million in the quarter, a 28.8 increase. Global volume increased 22 percent to 1.17 million TEUs.
Last year, ICTSI took over operations at the Port of Portland, its only U.S. facility.
ICTSI reported its operating profit in the form of earnings before interest, taxes, depreciation, and amortization (EBITDA), whereas American Shipper typically reports operating profits in the form of earnings before interest and tax (EBIT).