Philippine-listed port operator International Container Terminal Services Inc (ICTSI) reported a 29 percent rise in first quarter net profit due mainly to increased earnings contributions from its overseas operations.
In the three months to March 31, ICTSI recorded a net profit of US$18.9 million, up from $14.62 million a year earlier. Revenue grew 45 percent year-on-year to to $106.72 million.
ICTSI said total volume handled rose 31 percent to 841,756 TEUs, with domestic operations accounting for 51 percent of the total.
Volume at the company's Manila operations grew 14 percent, while foreign container volume was up 53 percent.
ICTSI operates ports in Ecuador, Syria, Georgia, Madagascar and Indonesia, among other places.
The company said revenue from international operations rose 83 percent to $57.97 million, accounting for 54 percent of the total, while revenue from domestic operations was up 16 percent at $48.74 million.
In the three months to March 31, ICTSI recorded a net profit of US$18.9 million, up from $14.62 million a year earlier. Revenue grew 45 percent year-on-year to to $106.72 million.
ICTSI said total volume handled rose 31 percent to 841,756 TEUs, with domestic operations accounting for 51 percent of the total.
Volume at the company's Manila operations grew 14 percent, while foreign container volume was up 53 percent.
ICTSI operates ports in Ecuador, Syria, Georgia, Madagascar and Indonesia, among other places.
The company said revenue from international operations rose 83 percent to $57.97 million, accounting for 54 percent of the total, while revenue from domestic operations was up 16 percent at $48.74 million.