ICTSI’s 1st quarter net income up 41%

ICTSI’s 1st quarter net income up 41%    Manila, Philippines-based international port operator International Container Terminal Services Inc. reported a 41 percent rise in first quarter net income to Peso375 million ($7.1 million) from Peso266 million a year ago.
   Revenue increased 14 percent to Peso2.69 billion ($51.1 million) from Peso2.37 billion in year-earlier quarter.
   ICTSI, which operates container terminals in the Philippines, Poland, Brazil and other countries, said its non-Philippine operations accounted for virtually all of the increase in quarterly earnings. Its foreign operations contributed 53 percent of the latest quarter’s consolidated net income, as compared with 35 percent in the first quarter 2005.
   Including volume handled by affiliate South Cotabato Integrated Port Services Inc., ICTSI’s group-wide volume was 459,403 TEUs, up 4 percent from 443,373 TEUs. Domestic operations were down 6 percent to 292,487 TEUs while foreign volumes jumped 25 percent to 166,916 TEUs.
   “ICTSI is off to a strong start in 2006. A somewhat disappointing performance at our flagship terminal in Manila caused by weak volumes was more than offset by excellent contributions from our international units. Strong expense controls, particularly in Manila and Brazil, also contributed to the improvement in financial results,” said Enrique K. Razon Jr., ICTSI’s chairman and chief executive officer.