Revenue was up by 16% compared with the second quarter of 2006, while net income improved by 12%. For the six months ending June 30, net income totalled P=1.045bn billion, a year-on-year increase of 23%, while net income improved by 41% over the same period.
The company’s port operations in Manila, Poland, Brazil and Madagascar continued to be the main growth drivers. Combined revenues from these four operations grew by 12% year-on-year, accounting for 71% of revenues for the period. New subsidiaries in Indonesia, China and Davao (Philippines) contributed 27% of revenue growth during the quarter.
International operations accounted for 56% of the quarter’s consolidated net income, compared with 39% in the second quarter of 2006 and 60% for the full year 2006. Their contribution would have been higher, said the company, but for a 13% appreciation of the Philippine peso against the US dollar (66% of ICTSI’s gross revenues are in foreign currencies).