Firm financials from ICTSI
Philippines darling International Container Terminal Services Inc bucked the start of the economic downturn to produce strong 2008 year-end figures.
Revenues for the year ended December 31, 2008 were up 37% to Philippine peso20.60bn ($429bn), while earnings before interest, taxes, depreciation and amortisation increased 46% to peso8.74bn ($182m).
However, the weaker dollar is starting to make its might felt. Enrique K Razon Jr, ICTSI chairman and president, said: “We do not expect to be immune to the deteriorating economic situation and the resulting pronounced downturn in global trade, and thus we expect 2009 to be a more difficult year.”
ICTSI handled consolidated volume of 3.7m teu in 2008, 24% up on the 3m teu handled in 2007.
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