ICTSI, the Philippine company that the Port of Portland decided on August 8 to give $4.7 million in public funds, operates dozens of terminals around the world and is on track to top last year's profits of $135 million.
International Container Terminal Services Inc., or ICTSI, said Monday its second-quarter net profit rose 11% from the year-earlier period, helped by steady growth in the volume of cargo passing through its container ports in the Philippines and abroad.
ICTSI said in a statement its net profit rose to $34.9 million from $31.5 million in the year-earlier period, as revenue increased 4% to $171.2 million from $164.2 million. The total volume of cargo handled by the ports operated by ICTSI in the April-June quarter also rose 4% to 1.36 million twenty-foot equivalent unit from 1.31 million TEUs in the year-earlier period.
For the six months to June 30, ICTSI posted net profit of $70.3 million, up 17% from $60 million. Revenue climbed 8% to $345 million from $319.1 million. The volume of cargo handled in the first half increased to 2.70 million TEUs from 2.48 million TEUs in the same period in 2011.