Monday, August 13, 2012

ICTSI profits rose 17 percent for first half of 2012

The Philippines-based terminal operations firm, International Container Terminal Services Inc., posted net income of $70.3 million for the first half of 2012, a 17 percent increase over the same period last year.

ICTSI’s revenue from port operations was $345 million, an 8 percent gain on first half of 2011.

“The higher net income attributable to equity holders for the first semester was mainly due to the modest growth in volume and revenues in all three geographic segments, and lower financing charges,” the company said in a statement.

ICTSI reported handling 2.7 million TEUs in the first half of this year, a 9 percent gain over last year’s first half.

“The increase in volume was mainly due to the continued growth in international trade where the group’s terminals are located, new shipping line routes and customers, continuous containerization of break bulk cargo, and the full period contribution of the company’s new container terminals in Portland, Oregon, U.S.A. and Rijeka, Croatia,” the company said.

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