International Container Terminal Services Inc. yesterday reported a 37 percent increase in gross revenues in 2008 on strong earnings from new terminals and growth in existing ones.

ICTSI said in a disclosure to the stock exchange that revenues in 2008 rose to P20.6 billion from P15 billion in 2007.

?The revenue growth was driven mainly by revenues from new terminal operations in China, Ecuador, Syria, Georgia, and Misamis Oriental and strong organic growth at its operations in Brazil, Madagascar, Manila and Davao,? the company said. Jenniffer B. Austria