ICTSI profit jumps 37% to P1.8B due to foreign port operations

Port operator International Container Terminal Services Inc. (ICTSI) said its net income grew 37 percent last year to P1.845 billion from P1.35 billion in 2005, boosted by higher contributions from international operations.

In a financial report filed with the Philippine Stock Exchange, ICTSI said gross revenues from port operations went up 14 percent to P11.85 billion from P10.44 billion.

ICTSI said foreign operations now account for 60 percent of the companyís consolidated net income compared with only 34 percent in 2005.

ìICTSI has had another strong year. Container handling volumes at our international units continue to grow strongly, and after a disappointing first half, we are now experiencing positive volume growth at our Manila terminal,î said ICTSI chairman and chief executive officer Enrique K. Razon Jr.

The company handled a consolidated volume of nearly two million twenty-foot equivalent units (TEUs) of cargo last year, up nine percent from 1,838,451 TEUs in 2005.

Domestic operations accounted for 1,233,764 TEUs handled, or 62 percent of consolidated volumes for the full year. Foreign container volume grew 34 percent, driven principally by the addition of the companyís Madagascar and Indonesia port operations, and strong growth at the companyís Brazilian unit.

Volumes at the companyís flagship Manila operations declined slightly for the full year to 1,198,875 TEUs from 1,213,109 TEUs, but increased seven percent in the fourth quarter to 318,803 TEUs from 297,225 TEUs in the prior year period.

Full year gross revenues from port operations increased 14 percent to P11.8 billion from P10.4 billion in 2005 due largely to a combination of revenues from new port operations and increasing yields resulting from a more favorable volume mix.