ICTSI’s 2005 net income up 17%
Manila, Philippines-based international port operator International Container Terminal Services Inc. reported a 17.3 percent rise in its net income for 2005 to Peso 1.33 billion ($262 million) compared to Peso 1.14 billion in 2004.
Gross revenue in 2005 increased 14.7 percent to Peso 10.4 billion ($2.05 billion) from Peso 9.1 billion a year earlier.
The results were calculated after using PAS/PFRS accounting standards. The net effect of the new standards was to reduce consolidated net income by some Peso 51 million ($1 million), from Peso 1.38 billion ($272 million) to Peso 1.33 billion. The adoption of PAS/PFRS also required a restatement of 2004’s net income to Peso 1.14 billion ($223 billion), from Peso 1.06 billion previously reported.
ICTSI, which operates container terminals in the Philippines, Poland and Brazil and other countries, said its non-Philippine operations accounted for virtually all of the increase in quarterly earnings. Its foreign operations contributed 34 percent of the annual net income, as compared with 27 percent in 2004 and a net loss in 2003.
“ICTSI has delivered a record year. I am particularly pleased by the solid results at our international units. The addition of three international terminals to our portfolio over the last four years, all of which are now profitable, is an impressive achievement in today’s highly competitive environment. Volume growth in Manila during the second half of 2005 was disappointing,” said Enrique K. Razon Jr., ICTSI’s chairman and chief executive officer.
Including volume handled by affiliate South Cotabato Integrated Port Services, Inc. (SCIPSI), cargo handler at the port of General Santos, ICTSI’s group-wide volume for the full year 2005 was 1.95 million TEUs, an increase of 2 percent over the 1.91 million TEUs handled in 2004.
The Manila International Container Terminal (MICT) accounted for 1.2 million TEUs, or 66 percent of 2005’s consolidated volumes, an increase of just 0.7 percent over 2004. Baltic Container Terminal (BCT) and Tecon Suape, S. A. (TSSA) accounted for 31 percent of consolidated volume. TSSA posted a record throughput of 179,000 TEUs, up 26 percent from 143,000 TEUs handled in 2004. BCT volume grew 6 percent, handling 396,000 TEUs in 2005 compared to 373,000 TEUs in 2004.
