ICTSI reports solid performance for 2008

It also reported EBITDA of P=8.74bn, up 46%, and net income attributable to equity holders of P=2.86bn, down 13%. This reduction was mainly due to the restatement of prior-year results brought about by the adoption of IFRIC 12, and the weakening of currencies in the countries where ICTSI’s ports are located relative to the US dollar (currently, US$1 = P=48.27).

ICTSI handled a consolidated volume of 3,734,892 teu in 2008, 24% higher than in 2007. Domestic operations accounted for 1,907,753 teu, or 51% of the total, growing by 18% compared with 2007. Foreign container volumes, however, rose by 31% to 1,827,139 teu. Growth was driven mainly by the addition of the company’s Ecuador, Georgia and Syria port operations and by exceptionally strong growth at its operations in Brazil and Madagascar. Foreign container volumes accounted for 49% of total volume, compared with 46% in 2007.

In 2008, ICTSI invested P=7.97bn to expand its operations in Manila, Brazil, Madagascar and Ecuador. For 2009, its total estimated capital expenditure is slightly lower at P=7.2bn, mainly for civil works, systems improvement and the purchase of cargo handling equipment.