ICTSI announces improved Q1 profits

International operations outside the company’s Philippines base accounted for virtually the whole of the increase. They contributed 53% of the quarter’s consolidated income, compared with 35% in the corresponding quarter a year earlier and 34% for full-year 2005. Since 2002, ICTSI has built or acquired five terminals in Brazil, Poland, Madagascar, Japan and Indonesia, and these terminals are now contributing the majority of its earnings.

Enrique K. Razon Jr, the company’s chairman and CEO, said: “A somewhat disappointing performance at our flagship terminal in Manila caused by weak volumes was more than offset by excellent contributions from our international units. Strong expense controls, particularly in Manila and Brazil, also contributed to the improvement in financial results.”

He added: “Our terminal in Toamasina, Madagascar is off to a good start and, with the recent acquisition of a terminal in Makassar, Indonesia, we look forward to further success in the international marketplace.”