South American spurt for ICTSI

Although net income attributable to equity holders actually rose by 79% to $98.3M, this includes gains such as a one-time sale of non-core assets.

However, the headlines are still impressive. ICTSI handled consolidated volume of 4.2m teu in 2010, 18% up on 2009.

Unsurprisingly, much of this came from Asian terminal operations. This is ICTSI’s core, responsible for around 63% of the total of the company’s throughput it showed an increase of 18% to 2.7m teu in 2010. The increase in volume was mainly due to a 15% volume increase at Manila International Container Terminal, a 16% volume increase at Yantai Rising Dragon International CT, and a 27% increase at Davao Integrated Port and Stevedoring Services Corp.

Volume from the Group’s container terminals in the Americas (which accounts for a quarter of the group’s volume), registered the highest growth rate with a 20% increase to 1m teu.

Both container terminal operations in Latin America turned in excellent volume contributions with Tecon Suape in north eastern Brazil performing exceptionally well with a 35% increase while Contecon Guayaquil in Ecuador increased by 13%.