MANILA's International Container Terminal Services Inc (ICTSI) has posted a 23 per cent year-on-year first half net profit increase to US$101.7 million, drawn on revenues of $510.3 million, an increase of 23 per cent.
Quarterly net profit grew 17 per cent to $49.3 million, drawn revenues of $261.4 million, which increased 28 per cent year on year.
Higher profit partly came from the sale of a subsidiary in Cebu for $13.2 million, the termination of management contract in India for $1.9 million and an insurance claim settlement in Ecuador for $1.5 million.
ICTSI handled 3,566,023 TEU in the first half, 18 per cent more than in 2013. This was due to an increase international and domestic trade in most of the company's terminals.
Big contributions were also made by the company's new terminals Contecon Manzanillo SA (CMSA) in Mexico and Operadora Portuaria Centroamericana in Puerto Cortes, Honduras.
Apart from the two new terminals, organic growth increased one per cent. The company's terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 70 per cent of total volume.
PORTS
08 August 2014 - 21:52
ICTSI's H1 profit up 23pc to US$101 million, as sales also rise 23pc
MANILA's International Container Terminal Services Inc (ICTSI) has posted a 23 per cent year-on-year first half net profit increase to US$101.7 million, drawn on revenues of $510.3 million, an increase of 23 per cent.
PORTS
08 August 2014 - 21:52
ICTSI's H1 profit up 23pc to US$101 million, as sales also rise 23pc
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