Higher volumes lift ICTSI's earnings

Port operator International Container Terminal Services Inc. reported that its earnings for the second quarter of the year rose by more than half, boosted by higher revenues. ICTSI told the Philippine Stock Exchange on Monday that its unaudited net income for the April to June period jumped 69 percent to $33 million as revenues grew 30 percent to $164.2 million. Meanwhile, for the year's first six months, ICTSI said earnings improved 47 percent to $61.1 million as gross revenues climbed 29 percent to $319.1 million. The company said the year's first half saw an increase in handled volume by 24 percent. "The increase in volume was mainly due to the continued upturn in international trade, particularly in markets where ICTSI's ports are located and the consolidation of the company's new ports in Portland Orgeon, US and Rijeka, Croatia," the company said. For the year's first semester, ICTSI's capital expenditure amounted to $70.5 million, spent mainly for the civil works and major equipment at its Manila terminal. "The established capital expenditure budget for the full year of $356 million is mainly allocated for new projects in Argentina, Mexico and Colombia, and for civil works systems improvement and purchase of major cargo handling equipment at its terminal operations in Manila, Brazil and Ecuador," ICTSI said. -- CMA/OMG, GMA News