Port operator International Container Terminal Services Inc. (ICTSI) said Monday its net profit for 2007 rose 52 percent to P2.79 billion from P1.84 billion in 2006, driven by robust overseas operations.

Revenues for the year grew 27 percent to P15 billion from P11.85 billion in the previous year, owing to large contributions from new ports and growth of existing terminals.

"All our existing terminals contributed excellent growth in volumes, revenues and cash flows and drove our earnings growth in 2007," ICTSI said.

"In addition, we succeeded in acquiring five new terminals in China, Syria, Georgia, Ecuador and Colombia and completed a significant equity capital raising exercise."

ICTSI noted that it handled three million TEUs (twenty foot equivalent units) in total volume last year. This was 51 percent higher than the 1.995 million
TEUs it handled in 2006.

ICTSI said its international operations accounted for 51 percent of total net income. This, however, was lower compared to its 60-percent share in 2006, as start-up losses dampened earnings at new terminals acquired in 2007 and as the peso continued to gain against the US dollar.

In 2007, the company invested P11.6 billion to expand the handling capacity of its port operations in Manila, Poland, Brazil and Madagascar, and fund the acquisition and rehabilitation of all its new terminals.