International Container Terminal Services Inc. (ICTSI) on Thursday said its net income rose by more than a third in the third quarter.
The Razon-led port operator said net income increased 35 percent to $41.4 million in the July to September period from $30.7 million in the same period last year. In the first nine months, ICTSI posted a net income of $101.4 million, up 39 percent over the $73 million earned last year.
“The higher net income was mainly due to the upsurge in revenues, lower effective tax rate for the period and a one-time gain on sale of non-core assets,” ICTSI said.
Earlier, ICTSI sold its 16.79 percent ownership stake in Portek International Lt. and booked a one-time equity tax charge imposed by the Columbian tax authorities on all legal entities and individuals in Colombia.
Published : Thursday May 17, 2012 | Category : Top Business News | Views : 148
By : MAYVELIN U. CARABALLO REPORTER
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Published : Thursday May 17, 2012 | Category : Top Business News | Views : 133
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