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ICTSI awarded right to operate Brunei container terminal


October 3, 2008

ICTSI awarded right to operate Brunei container terminal

Philippine container service firm ICTSI has recently been awarded the right to handle container terminal cargo operations in Brunei, reported local daily the Manila Times Thursday.

The company, citing a letter from the Brunei Economic Development Board, said the award for the port in Pulau Muara Besar is subject to several requirements, including the negotiation of a formal memorandum of understanding between the parties.

International Container Terminal Services, Inc. (ICTSl) as terminal operator is expected to provide assistance for the design of the 660-meter terminal to be constructed by BEDB on Pulau Muara Besar Island. After the construction of the terminal, the company will undertake storage and handling of all container cargo through the terminal under a concession agreement.

At end-June this year, ICTSI had invested 3.14 billion peso to expand the handling capacity and improve the operating efficiency of the company’s operations in Manila, Brazil and Madagascar. The investment was also used to pay for the acquisition and rehabilitation of the new terminals in Ecuador, Syria, Georgia and Colombia.

The company’s consolidated capital expenditure for this year is estimated at P11.63 billion. It expects to tap internally generated funds and a committed bank facility for its capex.

Its profit growth in the second quarter slowed to the single-digit level as profit attributable to equity holders went up by 6 percent to P784 million in the three months ending June, from the P736-million earned in the same period last year.

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