ICTSI looking for more overseas projects
Subic Bay International Container Terminal Corp., is also set to take over the operations of New Container Terminal-1 at Subic Bay Freeport.
International Container Terminal Services Inc. will continue to look for investment opportunities overseas despite fears of a possible global recession that could slow down trade.
Speaking to reporters following the company’s annual stockholders’ meeting, ICTSI chairman and president Enrique Razon Jr. said the firm would look for possible port acquisitions in Africa, the Middle East, Asia, Europe and Latin America.
Razon said he expected the five new terminals acquired last year to soften the impact of the recession this year.
Early last year, ICTSI began operations at Davao Integrated Port and Stevedoring Services Corp. in Sasa Wharf.
In March, the company took over the operations of Yantai Rising Dragon International Container Terminal in Shandong Province, China. Then in August, the company’s wholly-owned Ecuadorian subsidiary Contecon Quayaquil SA took over Container and Multi-Purpose Terminals at the Port of Guayaguil in Ecuador.
In October, the company took over Tartous International Container Terminal in Syria. It company commenced operations at the port of Batumi in Georgia the following month.
The company this year has bagged the concession contract for the operation and management of Mindanao container terminal.
ICTSI’s subsidiary, Subic Bay International Container Terminal Corp., is also set to take over the operations of New Container Terminal-1 at Subic Bay Freeport.
Razon said while a global recession would hamper world trade, the company was financially strong and stable following the recent acquisitions.
Net income in 2007 jumped 52 percent due to strong performance of the company’s major domestic and international operations.
Net income climbed to P2.79 billion from P1.83 billion in 2006 as full-year revenue from port operations reached P15 billion, up 27 percent from P11.8 billion a year ago.
Revenue contribution from international operations grew 44 percent to P7.4 billion from P5.1 billion while revenue contribution from Philippine operations rose 13 percent to P7.6 billion from P6.7 billion in 2006.
The company earlier reported that capital expenditure could reach P11.6 billion this year to finance the purchase of cargo handling equipment and development of civil works in its major terminals in the Philippines, Poland, Brazil, Madagascar, Ecuador, China, Syria, Georgia and Colombia.
The company expects to fund the P11.6 billion capital spending from internally generated funds, available cash balances and new borrowings. Jenniffer B. Austria - Manila Standard Today
International Container Terminal Services Inc. will continue to look for investment opportunities overseas despite fears of a possible global recession that could slow down trade.
Speaking to reporters following the company’s annual stockholders’ meeting, ICTSI chairman and president Enrique Razon Jr. said the firm would look for possible port acquisitions in Africa, the Middle East, Asia, Europe and Latin America.
Razon said he expected the five new terminals acquired last year to soften the impact of the recession this year.
Early last year, ICTSI began operations at Davao Integrated Port and Stevedoring Services Corp. in Sasa Wharf.
In March, the company took over the operations of Yantai Rising Dragon International Container Terminal in Shandong Province, China. Then in August, the company’s wholly-owned Ecuadorian subsidiary Contecon Quayaquil SA took over Container and Multi-Purpose Terminals at the Port of Guayaguil in Ecuador.
In October, the company took over Tartous International Container Terminal in Syria. It company commenced operations at the port of Batumi in Georgia the following month.
The company this year has bagged the concession contract for the operation and management of Mindanao container terminal.
ICTSI’s subsidiary, Subic Bay International Container Terminal Corp., is also set to take over the operations of New Container Terminal-1 at Subic Bay Freeport.
Razon said while a global recession would hamper world trade, the company was financially strong and stable following the recent acquisitions.
Net income in 2007 jumped 52 percent due to strong performance of the company’s major domestic and international operations.
Net income climbed to P2.79 billion from P1.83 billion in 2006 as full-year revenue from port operations reached P15 billion, up 27 percent from P11.8 billion a year ago.
Revenue contribution from international operations grew 44 percent to P7.4 billion from P5.1 billion while revenue contribution from Philippine operations rose 13 percent to P7.6 billion from P6.7 billion in 2006.
The company earlier reported that capital expenditure could reach P11.6 billion this year to finance the purchase of cargo handling equipment and development of civil works in its major terminals in the Philippines, Poland, Brazil, Madagascar, Ecuador, China, Syria, Georgia and Colombia.
The company expects to fund the P11.6 billion capital spending from internally generated funds, available cash balances and new borrowings. Jenniffer B. Austria - Manila Standard Today
Labels: ICTSI, NCT-1, subic bay freeport
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