International Container Terminal Services Inc. on Monday reported net income rising 9 percent in the first quarter of the year.
In the January-to-March period, the Razon-led port operator generated net income amounting to $154.61 million from only $142.28 million in the same period last year.
Revenue from port operations reached $572.25 million, an increase of 8 percent from $528.27 million reported last year.
Enrique K. Razon Jr., ICTSI chairman and president, noted these results we achieved against a challenging macroeconomic and geopolitical backdrop.
ICTSI handled consolidated volume of 3,102,105 twenty-foot equivalent units (TEUs) in the first quarter this year, 9 percent more than the 2,833,001 TEUs handled in the same period in 2022.
The company’s consolidated cash operating expenses for the first quarter was 19 percent higher at $163.14 million compared to $137.11 million for the same period in 2022.
Capital expenditures, excluding capitalized borrowing costs, amounted to $87.69 million for the first quarter of 2023.
These were mainly for ongoing expansion and acquisition of equipment at CMSA in Manzanillo, Mexico, VICT in Melbourne, the Australia, Manila International Container Terminal in the Philippines and ICTSI DR Congo S.A. (IDRC) in Matadi, the Democratic Republic of Congo.
The group’s estimated capital expenditure this year of about $400 million due to the ongoing expansion of its terminals in Australia, Mexico, Philippines and Democratic Republic of Congo.
ICTSI operates 33 terminals in 20 countries across six continents and continues to pursue container terminal opportunities around the world.
“Looking ahead, while 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,” he added.
