Busy global trade helps ICTSI to register profit growth of 9%
MANILA -International Container Terminal Services Inc. (ICTSI) ended the first quarter with a 9-percent growth in profit as it handled more cargo shipments amid growing trading activities here and across the world.
The Razon-led port operator, in a statement on Monday, disclosed that its net income attributable to equity holders grew to $154.61 million in the first three months from P142.28 million in the same period last year.
Revenues climbed 8 percent to $572.25 million while earnings before interest, tax, depreciation and amortization rose 5 percent to $354.2 million.
“These results have been driven by our diversified portfolio and continued focus on margins, and they have been achieved against a challenging macroeconomic and geopolitical backdrop,” ICTSI chair and president Enrique Razon Jr. said.
Consolidated volume of cargo shipments totaled 3.1 million twenty-foot equivalent units, showing a 9-percent growth.
ICTSI attributed the bigger volume to cargo movements at Manila North Harbor Port Inc. and new shipping lines and services at certain terminals.
It spent $87.69 million for capital expenditures during the period. These went into ongoing expansion and equipment purchases.
ICTSI has set a spending guidance of $400 million for 2023.
“Looking ahead, whilst we remain cautious of continued uncertainty, ICTSI is a strong and agile business differentiated by our strategy in origin and destination gateway terminals as well as an experienced team with a sharp focus on operational discipline, which positions us well for future growth,” Razon said.
—Tyrone Jasper C. Piad INQ
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