Ports operator International Container Terminal Services Inc. (ICTSI) reported a net income of $35.4 million in the first three months of the year, on the back of growth in volume and revenues and lower financing charges. This was 24% higher than the $28.5 million net income during the same period in 2011.
ICTSI said its first quarter revenues from port operations grew by 12% to $173.8 million from the $154.9 million last year.
The company handled consolidated volume of 1,338,316 twenty-foot equivalent units (TEUs) in January to March period, 14% up from year-ago volumes. This was attributed to the sustained growth in countries where its terminals are located, new shipping lines and routes, as well as volume from its new terminals in Portland, Oregon and Rijeka, Croatia.