ICTSI eyeing purchase of 5 more int'l ports

MANILA, Philippines- Port operator International Container Terminal Services Inc. on Thursday said it is planning to acquire five more international ports this year, seeing company expansion prospering internationally, but not in the Philippines. "Right now, we don't see any prospects here but abroad," Enrique Razon Jr., ICTSI chairman told reporters after announcing that the firm is eyeing ports in Africa, Middle East, Latin America, Europe and Asia. ICTSI acquired five new foreign terminals in 2007-- one each in China, Syria, Georgia, Ecuador and Colombia. The firm also won 25-year contracts to operate and manage the Mindanao Container Terminal, and the Subic Bay International Container Terminal Corp. Given the expected global slowdown, Razon said the company is cautious on the company's prospects this year. "Outlook is cautious because of the financial market conditions in the US and other areas. The outlook is cautious," he said. The company's net income last year was up 52 percent to P2.8 billion as revenues rose 27 percent to P15 billion. ICTSI said most of its growth came from international operations, which accounted for 51 percent of consolidated net income in 2007. The company, which operates its flagship in Manila, also has operations in Poland, Brazil and Madagascar. - GMANews.TV