International Container Terminal Services Inc. of businessman Enrique Razon Jr. said Wednesday its net income grew 4 percent in the first three quarters of the year on the back of higher revenues from port operations.
The port operator said it recorded a net income of $484.54 million from January to September, higher than $465.13 million it earned in the first nine months of 2022.
It said revenue from port operations increased 3 percent to $594.88 million from $576.70 million.
“Looking ahead, while we continue to expect a challenging macroeconomic and geo-political environment, we remain confident in the resilience of ICTSI’s diverse portfolio,” said Razon, chairman and president of ICTSI.
“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 said.
ICTSI handled consolidated volume of 9,451,912 twenty-foot equivalent units (TEUs) in the first nine months of 2023, or 7 percent more compared to the 8,856,303 TEUs it handled in the same period in 2022.
Consolidated cash operating expenses in the first nine months went up 12 percent to $489.14 million from $438.13 million a year earlier.
Capital expenditures, excluding capitalized borrowing costs, amounted to $233.58 million in the nine-month period. The group’s estimated capital expenditure for 2023 is about $400 million, including $233.58 million spent in the first nine months.
ICTSI said it would use the amount for the ongoing expansion of the company’s terminals in Mexico, Australia, the 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.