International Container Terminal Profit Doubles

International Container Terminal Profit Doubles

Philippine terminal operator International Container Terminal Services said its profit rose 107 percent in the first quarter ended March 31 as the global trade recovery channeled more volume through its 19 terminals in 13 countries.

In a statement to the Philippine Stock Exchange, ICTSI said its net income jumped to $22.8 million in the first three months of the year from $11 million in the same period last year.

"The higher net income was mainly due to an increase in volume brought about by the surge in global trade and favorable effect of operating leverage," the company said.

ICTSI's revenue from port operations reached $120.7 million, up 30 percent from last year's $92.8 million.

It handled consolidated volume of 962,028 twenty-foot equivalent units in the first quarter, 27 percent higher compared to the 755,958 TEUs handled in the same period in 2009.

Throughput from ICTSI’s container terminals in Asia, comprised of the terminals in the Philippines, Indonesia, Japan, China and Brunei, increased 29 percent to 610,401 TEUs in the first quarter from 474,408 TEUs in the same period in 2009. The group’s container terminal operations in Asia accounted for 63 percent of consolidated volume in the first quarter.

Volume from container terminals in the Americas, comprised of Brazil and Ecuador operations, grew by 23 percent to 236,588 TEUs in the first quarter of 2010 compared to the 191,596 TEUs handled in the same period in 2009. The share of the container volume from the Americas remained at 25 percent.

Container terminal operations in Europe, Middle East, and Africa (EMEA), comprised of terminals in Poland, Madagascar, Syria and Georgia, handled 115,039 TEUs in the first quarter of 2010, 28 percent higher compared to the 89,954 TEUs handled in the same period in 2009.

Baltic Container Terminal in Poland, Madagascar International Container Terminal Services in Madagascar, and Tartous International Container Terminal in Syria all registered impressive throughput numbers with volume growth levels of 34 percent, 28 percent, and 23 percent, respectively.

ICTSI said the Batumi International Container Terminal in Georgia was the lone underperformer in the group with a 43 percent drop in throughput in the first quarter of 2010. EMEA operations accounted for 12 percent of consolidated volume in first quarter of 2010.

-- Contact Peter T. Leach at pleach@joc.com.