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Solid Q3 results for ICTSI’s international operations

Solid Q3 results for ICTSI’s international operations

In Q3 ICTSI handled consolidated volumes of 1,021,499 teu, 26% higher than the 811,049 teu handled in the same period in 2007. For the nine months ended 30 September 2008, total teu handled was up 33% at 2,776,972 compared to 2,095,798 teu last year.

Foreign container volume grew 23% over the same period last year, driven principally by the addition of the company’s Ecuador, Syria and Georgia port operations, and exceptionally strong growth at the company’s operations in Brazil, Madagascar, and China. Container volumes from foreign operations accounted for 48% of total consolidated volume for the quarter.

Domestic operations accounted for 530,463 teu or 52% of consolidated volume. Volume from domestic operations grew by 28%, due mainly to a 13% volume increase at the Manila International Container Terminal (MlCT), the additional volume from the company’s new port operations in Misamis Oriental, southern Philippines, and the consolidation of the volume of South Cotabato Integrated Port Services Inc. (SCIPSI) in South Cotabato, Philippines. ICTSI increased its shareholdings in SCIPSI from 35.7% to 50.08% in July 2008.

Third quarter revenue from port operations was P=5.68bn (US$116m), an increase of 35% over the P=4.21bn (US$86m) reported last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) of P=2.55bn (US$52.2m) were up 48% from the P=1.72bn (US$35.2m) earned in the third quarter of 2007.

The results include a loss on hedging activities of P=124m (US$2.54m) after tax and an increase in the effective tax rate to 42.8% from 29.1% in the prior year period.