ICTSI’s 3rd quarter profit up 41%

ICTSI’s 3rd quarter profit up 41% International Container Terminal Services Inc. has reported a 41 percent jump in third quarter net income to Peso643 million ($13.6 million) from Peso455 million in the same quarter last year.
   The Manila, Philippines-based operator’s revenue in the three-month period increased 39 percent to Peso4.21 billion ($89.3 million) from Peso3.02 billion in the year-earlier quarter.
   ICTSI’s group-wide container throughput in the three months ended Sept. 30 was 811,049 TEUs, 53 percent higher than 530,301 TEUs handled in the third quarter of 2006.
   Domestic operations accounted for 412,945 TEUs handled, or 51 percent of consolidated volumes, a 32 percent increase over the 2006 third quarter. The increase resulted from 17 percent growth in volume handled at the Manila International Container Terminal (MICT) and new volume reported by DIPSSCOR, ICTSI's recently acquired operations in Davao, southern Philippines.
   Foreign container volume grew 82 percent to 398,104 TEUs on account of high volume growth in Brazil, Poland and Madagascar, combined with new volume from subsidiaries in China and Ecuador. ICTSI’s international container volume now accounts for 49 percent of its total volume as compared with 41 percent in the third quarter last year.
   After nine months, ICTSI posted net income of Peso1.70 billion ($36 million), up 31 percent from Peso1.30 billion after three quarter of 2006. Revenue for the period improved 24 percent to Peso10.61 billion ($225 million) with global container volume up 45 percent to 2.10 million TEUs.