International Container Terminal Services Inc. said it allotted $25 million for the expansion of its domestic and foreign port container terminals next year.
The port terminal owned by tycoon Enrique Razon Jr. said it would use unappropriated retained earnings of $25 million to expand ports in Manila, Mexico, Honduras and Iraq.
The company programmed $240 million in capital expenditures this year, with $113.5 million already spent in the first nine months.
ICTSI earlier reported a net income of $149.3 million in the January-to-September period, up 5 percent from $141.9 million year-on-year.
Excluding the one-time gain on the termination of the sub-concession agreement in Nigeria, consolidated net income attributable to equity holders would have been flat in the first nine months of 2017.
Gross revenues from port operations in the first nine months increased 10 percent to $918.3 million from the $835 million reported in the same period in 2016.
ICTSI handled consolidated volume of 6,836,611 twenty-foot equivalent units (TEUs) in the first nine months of 2017, six percent more than 6,435,192 TEUs handled in the same period in 2016.
The increase in volume was primarily due to continuing improvement in global trade activities, especially in the emerging markets, continuing ramp-up at ICTSI’s operations in Basra, Iraq, new services at Manzanillo, Mexico and contribution of new terminals in Matadi, Congo, and Melbourne, Australia.
Excluding the new terminals, consolidated volume would have increased by five percent.