International Container Terminal Services (ICTSI,) will increase its capital expenditure budget this year in anticipation of stronger global trade as the world economy emerges from last year's recession, Dow Jones reported.
ICTSI plans to spend US$123 million this year to improve port operations at its flagship container terminal in Manila, as well as in Brazil, Ecuador and Madagascar, up from $119 million last year.
"If our performance in the last quarter of 2009 was any indication, we expect brighter prospects for 2010," ICTSI chairman and president Enrique Razon said.
In the fourth quarter of last year, ICTSI's cargo volume rose seven percent to 1.02 million TEUs and revenue grew 10 percent to $122.4 million. For all of 2009, cargo volume was down five percent, while revenue declined nine percent to $421.7 million because of weak global trade.
"The global downturn has shut the doors on many businesses but it has also opened a lot of unprecedented opportunities. We shall be on the lookout for these prospects and make decisions," Razon said. "But as always we will be prudent."
ICTSI plans to spend US$123 million this year to improve port operations at its flagship container terminal in Manila, as well as in Brazil, Ecuador and Madagascar, up from $119 million last year.
"If our performance in the last quarter of 2009 was any indication, we expect brighter prospects for 2010," ICTSI chairman and president Enrique Razon said.
In the fourth quarter of last year, ICTSI's cargo volume rose seven percent to 1.02 million TEUs and revenue grew 10 percent to $122.4 million. For all of 2009, cargo volume was down five percent, while revenue declined nine percent to $421.7 million because of weak global trade.
"The global downturn has shut the doors on many businesses but it has also opened a lot of unprecedented opportunities. We shall be on the lookout for these prospects and make decisions," Razon said. "But as always we will be prudent."