ICTSI reports first-quarter income up 29%

“ICTSI has gotten off to a terrific start in 2008. Volumes at our four base terminals in Manila, Poland, Brazil and Madagascar grew by 9% in spite of the 12-day strike at our terminal in Poland, and revenues at these same four terminals increased by a healthy 18%. In addition, we continue to make good progress in improving profitability levels at the five terminals we acquired last year in China, Syria, Georgia, Ecuador, and Colombia. We continue to see strong volume trends across our portfolio,” said Enrique K. Razon Jr., ICTSI chairman and president.

ICTSI handled a consolidated volume of 841,756 teu in the first quarter, 31% higher compared with the 642,475 teu handled in the same period in 2007. Domestic operations accounted for 427,064 teu, or 51% of consolidated volume, for the period. Volumes at the company’s Manila operation increased by 14%, from 315,784 teu in the first quarter of 2007 to 360,636 teu, accounting for 43% of total consolidated volume.

Foreign container volumes grew 53% year-on-year, driven principally by the addition of the company’s Ecuador, Syria and Georgia port operations, and exceptionally strong growth at its operations in Madagascar and Indonesia. Foreign container volumes now account for 49% of the total, compared with 42% in the same period last year and 46% for full-year 2007.