ICTSI sees better business prospects for 2010

April 25, 2010 12:41 pm 

MANILA, April 25 – Ranking officials of port developer International Container Terminal Services, Inc. (ICTSI) is expecting better business prospects and growth this 2010.

“We expect better figures this year compared to last year when everything was a disaster,” said ICTSI chair Enrique Razon during the company’s annual stockholders meeting.

But despite rosier outlook, Razon said the terminal operator will stick to a conservative stance where its investment and expansion plans are concerned.

“I cannot say with any degree of confidence that the global economy will be better in 2011,” the ICTSI chair pointed out.

He added that while the road to recovery from the recession is sluggish and uneven at best, ICTSI is making the best out of this situation.

Razon also stressed that they will be always on the lookout for prospects and make decisions but their expansion plans will be governed by prudence.

For now, ICTSI is looking for other port projects to add to its growing portfolio but has no plans to tap the credit market to finance its operations.

It recently submitted an intent to manage the Callao Port in Peru.

In 2009, ICTSI reported a 15-percent drop in net income to USD54.9 million over the year before.

The port operator attributed the decline to less volume due to tepid global trade, increased interest expense because of higher debt levels and higher depreciation expense associated with continued investment in its container-handling capacities.

Consolidated revenues dropped nine percent to USD421.7 million in 2009 from USD463.1 million in the previous year. (PNA)

LDV/PFN

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