seagull Apr 3, 18:50
ICTSI bags subsidy for Poland port expansion
Port operator International Container Terminal Services, Inc. (ICTSI) has bagged a $17.3-million subsidy for a berth expansion project in Poland, a disclosure filed on Friday showed, Business World reports. Baltic Container Terminal Ltd., ICTSI's Polish subsidiary, signed the deal with Center of EU (European Union) Transport Projects, which will fund part of the $49.2-million project that will increase the port's capacity by 60%.
After work is completed by 2015, the Baltic Container Terminal will be able to handle 1.2 million twenty-foot equivalent units (TEUs) versus the current 750,000 TEU capacity, ICTSI said.
Expansion work include the purchase of cranes, the modernization of terminal yards and roads, as well as the addition of several reefer container racks and a differential global positioning system.
BCT, established in 1979 in Poland's Gdynia Port, is one of the region's largest terminals and Poland's leading container terminal.
ICTSIwas incorporated in 1987 to operate, manage, and develop the Manila International Container Terminal, with subsidiaries providing cargo handling, storage, and anchorage services.
The company saw its net income attributable to equity holders grow by 33% to $130.4 million at the end of 2011 from $98.3 million in the previous year "due to the upsurge in revenues, lower financing charges, lower effective tax rate and a one-time gain on sale of non-core assets."
The revenue increase was attributed "to the strong double digit volume growth across all geographic segments of the group and a favorable volume mix, among others.
ICTSI shares went up by 2.58% to P65.50 apiece yesterday from P63.85 at its previous close.
en.portnews.ru
Poland
