Philippines port operator International Container Terminal Services Inc's (ICTSI) net income was up 46 percent last year, with all of its terminals reporting higher volumes and revenues.
ICTSI posted net income of US$66.83 million in 2007 compared with $44.55 million in 2006. Gross consolidated revenue rose by 27 percent to 371.28 million in 2007 from $294.55 million in 2006.
The firm's revenues from domestic operations covering the ports of Manila, Davao and Olongapo grew by 13 percent to $188.11 million in 2007 from $165.84 million in 2006.
Revenues from ICTSI's international operations surged by 44 percent to $183.16 million in 2007 from $126.23 million in 2006.
ICTSI chairman and president Enrique Razon, said: "All our existing terminals contributed excellent growth in volumes, revenues, and cash flows and drove our earnings growth in 2007. In addition, we succeeded in acquiring five new terminals in China, Syria, Georgia, Ecuador, and Columbia and completed a significant equity capital raising exercise."
ICTSI said it handled 51 percent more volume last year, amounting to more than three million TEUs from the almost two million TEUs handled in 2006.
The firm's domestic container terminal operations accounted for 1.6 million TEUs or 54 percent of total consolidated volume.
Last year, ICTSI's foreign container volume grew by 83 percent due to the acquisition of terminals in China, Ecuador and Syria, as well as the strong performance of ports in Madagascar, Poland and Brazil.
For the same period, total consolidated cash operating expense for the year increased by 34 percent to $160.89 million in 2007.
ICTSI, a leading global developer and operator of container terminals, operates 11 ports in four continents. The port operator's major hubs are the Manila International Container Terminal in Manila, the Port of Gdynia in Poland, the Port of Suape in Brazil, and the Port of Toamasina in Madagascar.
ICTSI posted net income of US$66.83 million in 2007 compared with $44.55 million in 2006. Gross consolidated revenue rose by 27 percent to 371.28 million in 2007 from $294.55 million in 2006.
The firm's revenues from domestic operations covering the ports of Manila, Davao and Olongapo grew by 13 percent to $188.11 million in 2007 from $165.84 million in 2006.
Revenues from ICTSI's international operations surged by 44 percent to $183.16 million in 2007 from $126.23 million in 2006.
ICTSI chairman and president Enrique Razon, said: "All our existing terminals contributed excellent growth in volumes, revenues, and cash flows and drove our earnings growth in 2007. In addition, we succeeded in acquiring five new terminals in China, Syria, Georgia, Ecuador, and Columbia and completed a significant equity capital raising exercise."
ICTSI said it handled 51 percent more volume last year, amounting to more than three million TEUs from the almost two million TEUs handled in 2006.
The firm's domestic container terminal operations accounted for 1.6 million TEUs or 54 percent of total consolidated volume.
Last year, ICTSI's foreign container volume grew by 83 percent due to the acquisition of terminals in China, Ecuador and Syria, as well as the strong performance of ports in Madagascar, Poland and Brazil.
For the same period, total consolidated cash operating expense for the year increased by 34 percent to $160.89 million in 2007.
ICTSI, a leading global developer and operator of container terminals, operates 11 ports in four continents. The port operator's major hubs are the Manila International Container Terminal in Manila, the Port of Gdynia in Poland, the Port of Suape in Brazil, and the Port of Toamasina in Madagascar.