Manila-based port operator International Container Port Terminal Inc. reported a 36 percent jump on its year-on-year first-quarter profit for 2007. In a disclosure to the Philippine Stock Exchange, ICTSI said first-quarter profit surged to $10.8 million, with its expanding overseas operations boosting revenues by 16 percent to reach $66.16 million.
In a statement, the company said, "Foreign operations continue to be a significant contributor to earnings, accounting for 55 percent of consolidated net income."
Recent expansion of ICTSI is the 20-year concession to operate a cargo terminal in Ecuador and the acquisition of a 60 percent stake in the Yantai Gangtong Container Terminal Co. Ltd. Yantai operates a port in China.
At present, ICTSI operates container terminals here and in Poland, Brazil, Madagascar, Indonesia, Japan and Syria.
In a statement, the company said, "Foreign operations continue to be a significant contributor to earnings, accounting for 55 percent of consolidated net income."
Recent expansion of ICTSI is the 20-year concession to operate a cargo terminal in Ecuador and the acquisition of a 60 percent stake in the Yantai Gangtong Container Terminal Co. Ltd. Yantai operates a port in China.
At present, ICTSI operates container terminals here and in Poland, Brazil, Madagascar, Indonesia, Japan and Syria.