Razon-led ICTSI says profit up on higher port revenues

The global port operator books a net income of $144 million in 2012, up 10% year on year

BETTER INCOME. ICTSI says growth is driven by strong port revenues. Photo by AFP

MANILA, Philippines – Enrique Razon-led International Container Terminal Services Inc. (ICTSI) reported a 10% increase in its 2012 net income to $144 million from $131 million in 2011.

The growth was due to a 10% jump in port operations revenue to $729.3 million from $664.8 million.

ICTSI also reported gross revenues of P729 million in 2012, up 10% from $664.8 million in 2011.

Higher revenues resulted from volume growth in all geographic segments, higher storage revenues, and increase in tariffs and shipping line customers. The company also benefitted from full-year contributions from its terminals in Portland, Oregon and Rijeka, Croatia.

ICTSI’s capital expenditure program was at $465.6 million in 2012. The funds were spent for the construction of a new berth, the clearing of additional yard space, the of acquisition major cargo handling equipment in its Manila terminal, the expansion of operations in Ecuador and Brazil and the development of new container terminals in Mexico and Argentina.

ICTSI owns and operates 25 terminals in 18 countries. Its Philippine terminals are located in Manila, Subic, Batangas, General Santos City, Davao and Misamis Oriental. – Christian Bautista/Rappler.com