May 14, 2014 6:36 pm JST

Philippine port operator ICTSI's profit surges 29% in Q1

CLIFF VENZON, Nikkei staff writer

MANILA -- The Philippines' biggest port operator, International Container Terminal Services (ICTSI) saw its profit jump 29% to $52.4 million last quarter ended in March, on the back of a one-time gain and increased volume of handled containers.

      "The higher net income attributable to equity holders was mainly due to the one-time gain on sale of a non-core asset," the company said in a stock exchange filing on Wednesday.

      Last January, the company earned $13.2 million from the divestment of its Cebu port in the central Philippines.

      Meanwhile, revenues from port operations rose 19% to $248.9 million after the company handled containers with a consolidated volume of 1.76 million twenty-food equivalent units, or TEUs, 17% higher than last year.

      The port operator said its seven key terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar, China and Pakistan accounted for 71% of the group's consolidated volume.

      It has a presence on four continents, with more than 20 port concessions.