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INTERNATIONAL Container Terminal Services Inc. (ICTSI) on Thursday
announced that its subsidiary has taken over operations of a
container terminal in Mindanao.
In a disclosure to the Philippine Stock
Exchange, ICTSI said Phividec Industrial Authority on Wednesday
turned over the Mindanao Container Terminal (MCT) in Misamis
Oriental to its wholly owned subsidiary Mindanao International
Terminal Services Inc. in light of the concession contract awarded
on April.
The ICTSI unit will run the MCT for 25 years.
The terminal is designed to accommodate an annual throughput of
270,000 twenty-foot equivalent units.
The MCT is a modern, high-capacity container
terminal built to provide Northern Mindanao with a cost-efficient
transportation for agricultural and industrial goods within the
country and internationally.
The P3.2-billion container terminal was funded
through loans from the Japan Bank of 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 the
new port operations in Ecuador, Syria and Georgia and strong organic
growth at the company’s operations in Brazil, Madagascar, China,
and Manila and Davao in the Philippines.
Revenue contribution from international
operations grew 83 percent to P2.45 billion from P1.334 billion in
the first quarter last year.
Foreign operations accounted for 54 percent of
this year’s consolidated gross revenue compared with 43 percent
last year. Revenue from domestic operations grew 16 percent to P2.06
billion from P1.78 billion last year.
-- Darwin G. Amojelar
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