ICTSI 2010 net profit up 79%

Philippine-based port operator International Container Terminal Services Inc (ICTSI) saw its net profit rise 79 percent to US$98.3 million in 2010, helped by a recovery in global trade that led to a strong increase in cargo traffic at its various ports in the Philippines and other parts of the world, reported Dow Jones Newswires.


ICTSI said full-year revenue increased 25 percent to $527.1 million last year.


The volume of cargo it handled last year increased 18 percent to 4.2 million TEUs, with throughput in the fourth quarter alone rising 11 percent to 1.13 million TEUs from a year earlier.
Meanwhile, ICTSI said it had signed a share purchase agreement to acquire a 51 percent stake in Adriatic Gate Container Terminal, operator of the Bradjica Container Terminal in Rijeka, Crotia.


ICTSI will buy shares in Luka Rijeka, a shareholder in the Croatia port operator, and subscribe to shares of Adriatic Gate for a total $38.49 million to secure majority control of the port operator.


Bradjica Container Terminal is currently being modernised to include a new draught quay and an expanded yard area that will have an annual throughput capacity of 600,000 TEUs.
(Source:http://www.cargonewsasia.com)