ICTSI to operate Brunei's Muara Container Terminal

MANILA, Philippines - Listed International Container Terminal Services Inc. will operate and maintain the Muara Container Terminal in Brunei Darussalam for four years. In a disclosure, ICTSI manager for corporate legal affairs Benjamin M. Gorospe III said the service agreement and a hand-over agreement signed may be extended for one year at a time for a maximum of two years. "Muara Container Terminal is located in Muara Port, which is the main trade gateway for Brunei Darussalam, situated at the estuary of the Brunei River about 15 kilometers from the capital Bandar Seri Begawan," he said. Muara Container Terminal has a capacity of 220,000 twenty-foot equivalent unit (TEU). ICTSI, which began presenting its financial statements in dollars this year, posted a 43.62 percent decline in its net income attributable to equity holders at $11 million during the first quarter from $19.51 million on lower volume and depreciation of currencies in the countries where its ports are located. - Ruby Anne M. Rubio, GMANews.TV