International Container Terminal Services revenues up 37% in 2008

MANILA, Philippines - Port operator International Container Terminal Services Inc. (ICTSI) said its gross revenues rose 37 percent in 2008 due to the robust performance of both its local and international operations.

In a disclosure to the Philippine Stock Exchange, ICTSI said consolidated gross revenues from port operations expanded to P20.6 billion from P15 billion in 2007, mainly driven by contributions from new terminal operations in China, Ecuador, Syria, Georgia and Misamis Oriental and strong organic growth in its operations in Brazil, Madagascar, Manila and Davao.

ICTSI recently signed a memorandum of understanding with the Brunei Economic Development Board for the design and development of a 660-meter terminal in Brunei Darussalam.

The company began operations in the late 1980s with the Manila International Container Terminal, which is currently the country’s largest container port. Since then, ICTSI has expanded by winning concessions in Buenos Aires, Mexico, Pakistan, Saudi Arabia and Thailand.

ICTSI, however, was forced to sell some of its international assets due to the Asian financial crisis that erupted in 1997.

As its finances improved over the years, ICTSI began rebuilding its international operations as it participated in the biddings for small to medium-sized ports.

To date, ICTSI has facilities in Brazil, China, Colombia, Ecuador, Georgia, Indonesia, Madagascar, Poland and Syria.