ICTSI unit to expand Georgia port
A UNIT of listed port operator International Container Terminal Services, Inc. (ICTSI) will be constructing a $2-million customs clearing facility within the Port of Batumi in Georgia, BusinessWorld reports.
In a statement on Friday, ICTSI said Batumi International Container Terminal LLC (BICT) has signed a contract with Anagi LLC for the construction of the facility, the completion of which is expected in May 2012.
The facility will consist of an office building to house the Customs offices, a waiting area, and an experts’ office, ICTSI said.
There will also be a parking area that can accommodate 300 cars for customs clearance as automobiles are one of the major imports of Georgia, ICTSI said.
"This new facility will further boost the performance of our terminal and strengthen our ties with the government through the Batumi Customs Office," Jan Nowak, BICT chief executive officer and general manager, said in the statement.
ICTSI is involved in 22 terminal operating concessions and port development projects in 17 countries worldwide. Of these projects, six are located in the Philippines.
Profits of ICTSI went up by 41% to $101.63 million in January to September from $71.98 million in the same period last year, owed to higher cargo volume handled by the firm.
The firm handled 3.84 million twenty-foot equivalent units (TEUs) during said period, a 25% growth from the 3.07 million TEUs it handled in the same period last year.
ICTSI previously said the increase in volume is a result of a "continued upturn" in international trade.
Shares in ICTSI closed 0.94% or P0.50 lower at P52.50 apiece on Friday.
In a statement on Friday, ICTSI said Batumi International Container Terminal LLC (BICT) has signed a contract with Anagi LLC for the construction of the facility, the completion of which is expected in May 2012.
The facility will consist of an office building to house the Customs offices, a waiting area, and an experts’ office, ICTSI said.
There will also be a parking area that can accommodate 300 cars for customs clearance as automobiles are one of the major imports of Georgia, ICTSI said.
"This new facility will further boost the performance of our terminal and strengthen our ties with the government through the Batumi Customs Office," Jan Nowak, BICT chief executive officer and general manager, said in the statement.
ICTSI is involved in 22 terminal operating concessions and port development projects in 17 countries worldwide. Of these projects, six are located in the Philippines.
Profits of ICTSI went up by 41% to $101.63 million in January to September from $71.98 million in the same period last year, owed to higher cargo volume handled by the firm.
The firm handled 3.84 million twenty-foot equivalent units (TEUs) during said period, a 25% growth from the 3.07 million TEUs it handled in the same period last year.
ICTSI previously said the increase in volume is a result of a "continued upturn" in international trade.
Shares in ICTSI closed 0.94% or P0.50 lower at P52.50 apiece on Friday.
