International Container Terminal Services Inc. on Wednesday said net income rose 4 percent in the first nine months of the year due to higher operating income.
The Razon-led port operator reported a net income of $484.54 million in the January to September period, higher than only $465.13 million earned in the first nine months of 2022.
Revenue from port operations increased three percent to $594.88 million from $576.70 million
Enrique K. Razon, ICTSI chairman and president, said these results were delivered against some very strong prior year comparatives.
“Looking ahead, whilst we continue to expect a challenging macroeconomic and geo-political environment, we remain confident in the resilience of ICTSI’s diverse portfolio,” Razon said.
“Our strategy as an independent port operator supported by our cost and operational discipline means we are well-positioned for the rest of the year, as well as over the longer term,” he added.
ICTSI handled a consolidated volume of 9,451,912 twenty-foot equivalent units (TEUs) in the first nine months, seven percent more compared to the 8,856,303 TEUs handled in the same period in 2022.
Consolidated cash operating expenses in the first nine months was 12 percent higher at $489.14 million compared to $438.13 million in 2022.
Capital expenditures, excluding capitalized borrowing costs, amounted to $233.58 million in the first nine months.
The Group’s estimated capital expenditure for 2023 is around $400 million, of which $233.58 million had been spent in the first nine months.
The estimated capital expenditure is earmarked for the ongoing expansion of terminals in Mexico, Australia, Philippines and Democratic Republic of Congo; second tranche of concession extension related expenditures in Madagascar; yard expansion at ICTSNL in Nigeria; quay expansion at ICTSI Rio in Brazil; development of a recently acquired terminal in East Java in Indonesia; equipment acquisitions and upgrades; and for capital maintenance requirements.
