ICTSI net profit up 42% in 1st half

An aggressive campaign to expand operations overseas has paid off for port developer International Container Terminal Services Inc. (ICTSI), which reported Monday a 42-percent rise in net profit for the first half of 2011.

The Razon-led firm attributed its performance to strong cargo volumes coupled with higher earnings from fee-based ancillary services at its foreign operations.

The company’s net income rose to $60 million in the January-to-June period from $42.4 million a year ago. For the third quarter alone, net profit rose 61 percent to $31.5 million.

“The higher net income was mainly due to the upsurge in foreign volumes and stronger revenues from storage and ancillary services from foreign operations,” ICTSI said in a statement.

Revenue from port operations reached $319 million for the six-month period, up 29 percent year on year.