ICTSI allots P8B for expansion in 2008
abs-cbnnews.com | 03/11/2008 10:29 AM
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Port operator International Container Terminals Services Inc. (ICTSI) said Tuesday its board has approved the appropriation of P8.22 billion as working capital for 2008.
In a statement to the stock exchange, the company said the allotment would be used to expand its domestic and foreign ports.
ICTSI also said that the amount would be taken out of its retained earnings of P10.19 billion last year.
ICTSI spent a higher amount of P11.6 billion in 2007 to expand the handling capacity of its ports in Manila, Poland, Brazil and Madagascar as well as fund the purchase of new terminals.
The company acquired five terminals in China, Syria, Georgia, Ecuador and Colombia.
ICTSI handled three million TEUs (twenty-foot equivalent units) in total volume last year, 51 percent higher than what it had in 2006. This drove a 52-percent increase in the company's 2007 net profit to P2.79 billion.
