ICTSI’s profit up 66%

ICTSI’s profit up 66%    International Container Terminal Services Inc., the Manila-based operator of container terminals, reported a sharp increase in net income for the first quarter to 275 million Philippine Peso ($5 million), from Peso166 million in the corresponding quarter in 2004.
   The stevedoring company said the increase in profit was due to larger volumes handled by Tecon Suape, S. A., which operates the Suape Container Terminal in Brazil, and the company’s flagship Manila International Container Terminal.
   Group-wide container handling volume grew 11 percent to 469,626 TEUs in the first quarter of the year, compared to 423,934 TEUs handled in the same period in 2004.
   The company posted an increase in consolidated gross revenues to Peso2.37 billion ($44 million) in the first quarter, up from Peso2 billion a year ago.