Manila's ICTSI first half profits up 83pc to US$42.2 million

MANILA's global port operator International Container Terminal Services Inc (ICTSI) first half volumes surged 83 per cent year on year to 2.01 million TEU with net profit rising 83 per cent to US$42.2 million drawn on revenues of $247 million.

Robust volumes saw its Manila International Container Terminal rise 28 per cent to 811,081 TEU while its Brazilian Tecon Suape volume increased 48 per cent to 152,159 TEU.

Overall, its 20 terminal concessions in 14 countries overtook their 2009 and 2008 volumes outside of Polish BCT and Georgia BICT who are still below its peak in 2008, said Paris-based Alphaliner.

ICTSI also plans to spend $600 million expanding facilities in Latin America as economic growth spurs trade.

The company will make the investments in Argentina, Mexico and Colombia during the next two years, company chairman Enrique Razon told reporters.

The terminal operator previously announced plans to spend $123 million upgrading facilities in Manila, Brazil, Ecuador and Madagascar this year, reported Bloomberg.

"The region needs new ports because the existing facilities are congested," said Haj Narvaez, a Manila-based Macquarie Group analyst told Bloomberg. "Yields are also attractive."

The company won a 34-year concession to build a container terminal in Mexico's Port of Manzanillo last year. It agreed to build a facility in Port of Buena Ventura in Colombia in 2007 and one in Argentina's Port of La Plata in 2008.
(Source:www.schednet.com)