ICTSI projects 37% increase in 2008 revenues

Posted at 03/09/2009 10:21 PM | Updated as of 03/09/2009 10:24 PM

While air cargo businesses are suffering as global trade almost stands to a halt, Philippine-based port operator International Container Terminal Services, Inc. (ICTSI) said Monday that it will be reporting a 37 percent increase in consolidated gross revenues.

The listed company attributed the rosy projections to revenue growth from new terminal operations.

"The company's consolidated gross revenues from port operations increased from P15 billion in 2007 to P20.6 billion in 2008," the port operator said in a disclosure to the Philippine bourse.

ICTSI said the growth was driven mainly by revenues from new terminal operations in China, Ecuador, Syria, Georgia, and Misamis Oriental, Philippines. It said it also enjoyed "strong organic growth" in Brazil, Madagascar, Manila, and Davao, Philippines.