The significant improvement in the Philippines-based operator’s earnings was driven by a strong performance by both its domestic and international operations. Its foreign operations continue to be a significant contributor to earnings, accounting for 55% of first quarter net income, up from 53% in the first quarter of 2006. For full-year 2006, ICTSI’s foreign operations contributed 60% of consolidated net income. However, in 2007 the stronger Peso exchange rate dampened the impact of this growing contribution.
“The first quarter is normally our softest period, but ICTSI is off to a strong start this year, with all of our major terminals reporting excellent results,” said Enrique K. Razon Jr., the company’s chairman and president. “Our flagship terminal in Manila has achieved its highest rate of quarterly volume growth since late 2004. Our international operations continue to move forward, with strong first quarter financial performance from our terminals in Brazil and Poland and encouraging initial results from our recent acquisitions in Indonesia and China.”
Mr. Razon added: “We are looking forward to the start-up of our operations in Syria and Ecuador later in 2007, even as we continue to pursue our aggressive international expansion strategy.”