ICTSI Q1 Profit Rises 107%

10 May 2010 (Last Updated May 10th, 2010 18:30)

International Container Terminal Services (ICTSI) said its first quarter net income rose 107% to $22.8m compared to $11m last year on a year-on-year basis. The Philippine port operator's consolidated unaudited Q1 revenue from port operations rose 30% to $120.7m from $92.8m a year earlier,

International Container Terminal Services (ICTSI) said its first quarter net income rose 107% to $22.8m compared to $11m last year on a year-on-year basis.

The Philippine port operator’s consolidated unaudited Q1 revenue from port operations rose 30% to $120.7m from $92.8m a year earlier, it said.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) was $56.6m, 47% higher than $38.4m posted a year ago.

ICTSI’s quarterly gross revenues from port operations increased 30% to $120.7m from $92.8m reported in the same time in 2009.

Due to the recovery in the global economy it handled 962,028teu in the quarter, 27% higher than the 755,958teu it handled in the same period in 2009.

Revenue contribution from container terminal operations in Asia increased 37% from $45.7m in 2009 to $62.8m in the first quarter of 2010.

Throughput from ICTSI’s container terminal operations in Asia, which includes terminals in the Philippines, Indonesia, Japan, China and Brunei, rose 29% to 610,401teu in the quarter from 474,408teu in 2009.