ICTSI gains $42.4 million in 1H

International Container Terminal Services Inc. (ICTSI), operator of the Philippines' largest container port, posted higher net income for the first semester of 2010 as its cargo volumes increased due to the improvement in global economic conditions. ICTSI said on Thursday it earned a net income of $42.4 million or around P1.91 billion for the first half, an increase of 83 percent from the previous year's $23.2 million. "The strong recovery in throughput volumes we experienced in the first quarter has continued and, combined with our continued focus on cost control, resulted in record financial results for the first half of the year. We also took further steps to secure long term funding to facilitate further expansion of our worldwide portfolio," ICTSI chairman and president Enrique Razon Jr. said in a statement. The company handled consolidated volume of 2 million 20-foot equivalent units (TEUs) in the first half, 26 percent higher compared to the 1.59 million TEUs handled last year 2009. This was also the highest cargo throughput for the first half achieved by ICTSI. In 2008, it handled 1.75 million TEUs. For the three-month period ending in June, ICTSI's profits were up 61 percent to $19.6 million from $12.2 million last year. Revenue from port operations for the quarter also increased 32 percent from $96.0 million to $126.3 million. The second quarter net income attributable to equity holders included a $2.9-million prepayment of loans to help the company cut on financing costs. The company was able to make the early debt payments due to its successful $450-million bond issuance earlier this year. Excluding this accelerated debt issue cost charge, net income attributable to equity holders should have increased to $21.6 million or an increase of 78 percent compared to the same period in 2009. ICTSI is ranked as one of the world’s biggest port developers, with operations in Asia, Europe and Latin America. —JE/OMG, GMANews.TV