ICTSI net income up 33% in first quarter

Razon-led port operator International Container Terminal Services Inc. (ICTSI) on Monday reported a 33% increase in its first-quarter net income, following the double-digit growth in its revenues during the month.

In a regulatory filing, ICTSI said its net income climbed to $229.78 million in the first quarter from $172.57 million the previous year, while its gross revenues increased by 11% to $637.65 million from $572.25 million.

The company attributed the growth to changes in the container mix, ancillary services, tariff adjustments, and volume growth in terminals largely at Contecon Manzanillo SA in Mexico, including the favorable translation impact of the appreciation of Mexican peso-based revenues.

It also handled a consolidated volume of 3.009 million twenty-foot equivalent units (TEUs) during the quarter, down from 3.102 million TEUs in 2023, as volume growth in new services was offset by the expiration of the concession contract at the Pakistan International Container Terminal.

“Our international portfolio performed exceptionally well, and the group continues to benefit from geographic diversification spanning 19 countries which has enabled us to deliver growth, despite regional economic headwinds,” ICTSI chairman and president Enrique Razon said.

“We look to the future with confidence, and with our highly disciplined business model we remain strongly positioned to continue to deliver financially and operationally for all our stakeholders,” he added.

Shares in the company were last traded at P347.00, up by P5.00 or 1.46% from last Friday’s finish of P342.00 per share.—AOL, GMA Integrated News