International Container Terminal Services Inc. (ICT.PH), or ICTSI, said Monday its second-quarter net profit rose 11 percent from the year-earlier period, helped by steady growth in the volume of cargo passing through its container ports in the Philippines and abroad.
ICTSI said in a statement its net profit rose to $34.9 million from $31.5 million in the year-earlier period, as revenue increased 4 percent to $171.2 million from $164.2 million. The total volume of cargo handled by the ports operated by ICTSI in the April-June quarter also rose 4 percent to 1.36 million twenty-foot equivalent unit from 1.31 million TEUs in the year-earlier period.
For the six months to June 30, ICTSI posted net profit of $70.3 million, up 17 percent from $60 million. Revenue climbed 8 percent to $345 million from $319.1 million. The volume of cargo handled in the first half increased to 2.70 million TEUs from 2.48 million TEUs in the same period in 2011.
Earnings per share in the first half was lower at $0.03 compared with $0.031, damped by the interest payments on its $150 million and $200 million subordinated perpetual capital securities issued in January 2012 and May 2011, it said.
ICTSI has operations in Manila, Brazil, Poland, Ecuador, Madagascar, China, Croatia, the US, Mexico, and Argentina. In the first half, the company spent $191 million of its $550 million capital expenditure budget for 2012.