ICTSI first quarter profit soars 107pc to US$22.8 million

MANILA`s International Container Terminal Services Inc (ICTSI) first quarter profit increased 107 per cent year on year to US$22.8 million drawn on a revenue of $120.7 million, a increase of 30 per cent.
The profit increase was attributed volume increasing 14 per cent. Overall throughput went up 27 per cent to 962,028 TEU compared to the 755,958 TEU during the same period last year, and even surpassed 2008`s pre-downturn volume of 841,756 TEU. First quarter yield per box also increased two per cent year on year to $125 from $123 per TEU.
Its container operations in Asia which include terminals in the Philippines, Indonesia, Japan, China and Brunei increased 29 per cent year on year with each terminal increasing volume by double digits. Asia region accounts for 63 per cent of consolidated volumes in the first quarter of 2010.
ICTSI Asia operations accounted for 52 per cent of the revenue, compared to 49 per cent same period 2009.
Americas revenue was 29 per cent higher at $42.7 million compared to $33.1 million of last year`s first quarter. The increase came from an extraordinary 76 per cent growth rate in Brazil, reflecting the country`s strong economic performance in the first quarter.
In Europe, Middle East and Africa, volume increased with Poland growing 34 per cent, Madagascar up 28 per cent and Syria rising 23 per cent for an overall average of 28 per cent growth in the business segment. Georgia was the only under performer, falling 43 per cent year on year. The EMEA division accounted for 12 per cent of global volume for the company in the first quarter.