The joint venture of International Container Terminal Services Inc. and NYK Auto Logistics Philippines is building an automotive logistics hub in Cabuyao, Laguna province.
The port terminal, NALP and other project partners recently broke ground on NYK’s pre-delivery inspection and storage facility at ICTSI-owned land in Barangay Niugan, Cabuyao, Laguna.
The facility will serve as a storage center for completely built-up units discharged from Bauan International Port Inc., a subsidiary of ICTSI that operates Bauan terminal in Batangas.
The initial phase of the project will feature a 5,000 square meter covered warehouse and storage space for 2,800 CBUs.
Aside from the project development, ICTSI donated a 4,500-square meter parcel of land to the City of Cabuyao, which will be developed into access roads leading to other parts of Barangay Niugan.
NYK is conducting several development projects and help the residents of St. Francis homes and improve the condition of the facility’s surrounding areas.
ICTSI earlier reported a net income of $92.6 million in January to June, lower than $105.7 million in the same period last year.
ICTSI attributed the drop in net income to unfavorable volume mix, lower non-containerized and storage revenues, reduced capitalized borrowing costs and higher depreciation and amortization expenses related to Tecplata S.A., the company’s new terminal in Buenos Aires, Argentina.
Gross revenues from port operations reached $550.8 million in the first half, compared with $552.1 million reported in the same period last year.
ICTSI handled consolidated volume of 4,264,633 twenty-foot equivalent units in the first six months, up 10 percent from 3,888,130 TEUs handled in the same period in 2015.