International Container Terminal Services, Inc. (ICTSI) yesterday reported a 25.2 percent growth in net income in the first quarter to P776.7 million, from P620.3 million, boosted by the performance of its major terminals here and abroad.

The increase in net income by P156.4 million is attributed to the strong performance of Manila International Container Terminal (MICT), Madagascar International Container Terminal Services Ltd., (MICTSL), Tecon Suape SA (TSSA) and Davao Integrated Port and Stevedoring Services Corp. (DIPSSCOR).

ICTSI’s total income increased by P1.7 billion, or 51.5 percent to P5 billion in the first quarter from P3.3 billion driven by the new terminals Ecuador Contecon Guayaquil SA (CGSA), Batumi International Container Terminal LLC (BICT) and Tartous International Container Terminal (TICT) that were added to the portfolio.

Out of the P1.7 billion increase in total income, P315.9 million come from forex mainly on realized gain on derivatives.

The net cash used in investing activities dropped to P1.115 billion, P247.3 million lower from P1.36 billion in 2007.

This year’s investing cash flows included civil works and other capital expenditures in MICT, TSSA, and MICTSL, payments for the acquisition and advances for the group’s new projects in Columbia Sociedad Puerto Industrial de Aguadulce SA (SPIA), Ecuador (CGSA), Syria (TICT) and BICT.

The total consolidated capital expenditures for this year is P11.625 billion which will mainly for civil works, systems, improvement, and purchase of major cargo handling equipment of major terminals MICT, BCT, TSSA, and MICTSL and the new terminals in Ecuador, China, Syria, Georgia and Columbia.