International Container Terminal Services, Inc. (ICTSI) has posted consolidated unaudited financial results which show net profit of PHP535 million (US$11.88 million) for the second quarter ended June 30, an increase of 12 per cent year on year.
Revenue from port operations during the reporting period amounted to PHP3.29 billion, an increase of 16 per cent over the same quarter a year ago.
For the six months ending June 30, net income totalled PHP1.045 billion, a year-on-year increase of 23 per cent over 2006. Net income from recurring operations improved by 41 per cent over the PHP741 million earned in the prior year period.
The company's port operations in Manila, Poland, Brazil and Madagascar continued to be the main growth driver in the second quarter. The combined revenues from these four port operations grew 12 per cent over the second quarter of last year to account for 71 per cent of incremental revenues for the period. New subsidiaries in Indonesia, China and Davao (Philippines) contributed to 27 per cent of the revenue growth during the quarter.
The company's international operations accounted for 56 per cent of this quarter's consolidated net income, as compared to 39 per cent in the second quarter of last year. The 13 per cent year-on-year appreciation of the Philippine peso against the US dollar was said to have significantly dampened the impact of the international operations' contribution to consolidated earnings in peso terms, given that 66 per cent of its gross revenues are in foreign currencies.
Revenue from port operations during the reporting period amounted to PHP3.29 billion, an increase of 16 per cent over the same quarter a year ago.
For the six months ending June 30, net income totalled PHP1.045 billion, a year-on-year increase of 23 per cent over 2006. Net income from recurring operations improved by 41 per cent over the PHP741 million earned in the prior year period.
The company's port operations in Manila, Poland, Brazil and Madagascar continued to be the main growth driver in the second quarter. The combined revenues from these four port operations grew 12 per cent over the second quarter of last year to account for 71 per cent of incremental revenues for the period. New subsidiaries in Indonesia, China and Davao (Philippines) contributed to 27 per cent of the revenue growth during the quarter.
The company's international operations accounted for 56 per cent of this quarter's consolidated net income, as compared to 39 per cent in the second quarter of last year. The 13 per cent year-on-year appreciation of the Philippine peso against the US dollar was said to have significantly dampened the impact of the international operations' contribution to consolidated earnings in peso terms, given that 66 per cent of its gross revenues are in foreign currencies.