ICTSI Net Profit Jumps 61 Percent

ICTSI Net Profit Jumps 61 Percent

International Container Terminal Services, the Manila-based port operator, said its second quarter net profit increased 61 percent to $19.6 million as revenue rose 32 percent to $126.3 million.

“The strong recovery in throughput volumes we experienced in the first quarter has continued and, combined with our continued focus on cost control, resulted in record financial results for the first half of the year,” Chairman Enrique Razon said in a statement.

Container volume rose 26 percent to 1 million 20-foot equivalent units. More than two-thirds of the company's volume came from Asia, where TEU volume increased 27 percent. ICTSI said its Americas volume, concentrated in Latin America, increased 23 percent to 248,136 TEUs. ICTSI signed a 25-year lease in May to operate the container terminal at the Port of Portland, Ore.

ICTSI’s volume in Europe, the Middle East and Africa also increased 23 percent.

-- Contact Joseph Bonney at jbonney@joc.com.