Philippines-based International Container Terminal Services, Inc (ICTSI) has reported consolidated audited financial results for the year ended December 31, 2008, posting full-year revenue from port operations of US$420 million, an increase of 37 percent over the US$310 million reported last year.
"In spite of the weak global economy in much of 2008, ICTSI has delivered excellent full year results. However, we do not expect to be immune to the deteriorating economic situation and…we expect 2009 to be a more difficult year," Enrique K Razon Jr, ICTSI Chairman and President said.
ICTSI handled consolidated volume of 3.7 million TEU in 2008, 24 percent higher compared with the three million TEU handled in 2007. Foreign container volume grew 31 percent from 1.39 million TEU in 2007 to 1.83 million TEU in 2008.
ICTSI said that the growth was driven by the addition of ports in Ecuador, Georgia and Syria. Foreign container volumes now account for 49 percent of total volume as compared with 46 percent in 2007.
