Mike King, Special Correspondent | May 10, 2012 8:28AM EDT
Global container terminal operator International Container Terminal Services, Inc., booked a 24 percent increase in net income during the first quarter of 2012 as volumes surged by 14 percent.
The Philippines-based port operator said net income reached US$35.4 million on revenue from port operations growth of 12 percent.
Volumes handled across ICTSI’s international network of container terminals totaled 1,338,316 20-foot-equivalent units in the first quarter of 2012, up from 1,171,969 TEUs in the same period of 2011.
ICTSI said the volume growth was due to trade growth across its network, new shipping lines and routes and the inclusion of the TEU volume generated by the Company’s new terminals in Portland, Oregon, USA and Rijeka, Croatia.
“Excluding the volume from the two latest port acquisitions, organic volume growth was nine percent,” the company said in a statement.
Volume from six key terminals in Manila, Brazil, Poland, Ecuador, Madagascar and China accounted for 74 percent of the ICTSI’s consolidated volume in the first quarter, up 11 percent year-over-year.
Contact Mike King at michael@borderline.eu.com.
