ICTSI cruises in H1, books $420 M profit

The logistics arm of the second richest Filipino is sailing smoothly into the year, booking more than $420 million in profit in the first semester and keeping its cash flowing steadily.

- ELIJAH FELICE ROSALES

Port operator International Container Terminal Services Inc. (ICTSI) of billionaire Enrique Razon Jr. is on track for another year of growth, as profit rose by 34 percent to $420.55 million in the first half, from $313.8 million a year ago.

Razon, who is now the richest in the Philippines on an individual count, according to the Forbes, said ICTSI is prepared to invest on expansion projects, armed with a free cash flow of $602 million.

As of June, revenue has gone up by 15 percent to $1.32 billion. ICTSI traced its earnings growth to ancillary services, tariff adjustments and volume growth, with favorable foreign exchange on the appreciation of the Mexican peso.