ICTSI Profit, Cargo Volume Surge

Surging throughput helped push International Container Terminal Services Inc. to an 18 percent gain in net profit through the first nine months of 2011, to $182.5 million.

Consolidated volumes jumped 25 percent year-over-year, to 3.84 million 20-foot equivalent container units as revenue at the Manila-based terminal operator surged 29 percent to $490.9 million.

Excluding tonnage from new terminals in Portland, Ore., and Rijeka, Croatia, volume increased 19 percent year-over-year.

“The increase in volume was mainly due to the continued upturn in international trade,” the company said in announcing its results. “Volume from the (g)roup’s six key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar and China, which accounted for 74 percent of consolidated volume for the first nine months of 2011, increased 19 percent to 2.85 million TEUs.”

ICTSI said it had established a capital expenditure budget for the full year of $356 million that was allocated primarily for new projects in Argentina, Mexico and Colombia, and the purchase of cargo-handling equipment at terminals in Manila, Brazil and Ecuador.

Contact Mike King at mikeking121@gmail.com.