International Container Services, Inc. (ICTSI) port and terminal in Manila. Handout/File
MANILA - International Container Terminal Services Inc said Monday it posted a net income of $465.1 million in the first 9 months of the year, higher by 47 percent compared to the same period last year.
Revenue from port operations reached $1.64 billion, 20 percent higher than in the same period in 2021, ICTSI said in a disclosure to the stock exchange.
ICTSI said the increase in net income was due to higher operating income and net foreign exchange gain, share in net profit in joint ventures and interest income. It was, however, partly tapered by an increase in interest on loans, lease liabilities, concession rights payable and depreciation and amortization charges.
"We have delivered seven consecutive quarters of double-digit consolidated revenue growth which has helped offset inflationary pressures with our excellent performance being driven by volume growth, cost control and operating discipline," ICTSI Chairman and President Enrique Razon said.
ICTSI is a global operator of container terminals with footprints in 6 continents.
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