ICTSI has doubled its half-year profits compared to the same period in 2003. The company''s international operations in Gdynia, Poland and at Tecon Suape, Brazil made a significant contribution to the result. ICTSI reports that net profits for the first half of 2004 were $8m, up 101% compared with $3,98m in the first half of 2003.

ICTSIs MICT flagship terminal together with the BCT Gdynia and Tecon Suape terminals generated a 100%+ increase in profits at the half-year

ICTSIs MICT flagship terminal together with the BCT Gdynia and Tecon Suape terminals generated a 100%+ increase in profits at the half-year

The Tecon Suape terminal reported profits for the first time with these following on from a significant increase in cargo throughput and positive management initiatives on the part of ICTSI to introduce more efficient operational procedures and working practices.

Revenues for the group were $75.27m, up 23% compared with the first six months of 2003, reflecting the addition of the Gdynia terminal (see Poland survey this issue) and a 160% jump in revenues at Tecon Suape.

The flagship Manila International Container Terminal still accounted for the lion's share of revenue, a 64% share.

Overall, container volume was up 16% in the first half of 2004 comprising 897,640TEUs compared with 775,706TEUs for the same period in 2003.

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