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INTERNATIONAL Container Terminal Services Inc. (ICTSI) has purchased
majority control over a holding company that owns a cargo terminal
in Cotobato City.
In a disclosure to the Philippine Stock
Exchange, the port operator said it acquired Cordilla Properties
Holdings Inc.
Cordilla is a holding company which owns or has
rights to 71,845 shares in South Cotabato Integrated Port Services
Inc. (SCIPSI) amounting to P250,000. The deal also involved assuming
Cordilla’s obligations amounting to P18,033,357.
With this acquisition, ICTSl now controls 50.08
percent of SCIPSI.
SClPSl provides stevedoring and cargo
handling services at the Makar Wharf in the Port of General Santos
City.
Earlier, an ICTSI unit, the Mindanao Container
Terminal Services Inc., took over the operations of the Mindanao
Container Terminal (MCT) in Misamis Oriental.
The terminal is designed to accommodate an
annual throughput of 270,000 twenty-foot equivalent units. The berth
is 300 meters long and 13 meters deep.
The MCT is a modern, high-capacity container
terminal built to provide Northern Mindanao with a cost-efficient
transportation node for agricultural and industrial goods.
The P3.2-billion container terminal was funded
through loans from the Japan Bank for International Cooperation.
In the first quarter of the year, ICTSI posted a
net income of P799 million, or 29 percent higher than the P618
million in the same period last year.
Revenues for the quarter grew 45 percent to
P4.51 billion from last year’s P3.12 billion.
ICTSI attributed the improved earnings to new
port operations in Ecuador, Syria and Georgia, as well as to strong
organic growth at the company’s operations in Brazil, Madagascar,
China, and Manila and Davao in the Philippines.
Revenue contribution from its international
operations grew 83 percent to P2.45 billion from P1.334 billion last
year.
Foreign operations accounted for 54 percent of
that quarter’s consolidated gross revenues, as compared with 43
percent last year. Revenues from domestic operations grew 16 percent
to P2.06 billion from P1.78 billion last year.
-- Darwin G. Amojelar
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