INTERNATIONAL Container Terminal Services Inc. (ICTSI) announced that net income rose 4 per cent in the first nine months of the year, mainly due to higher operating and interest income.
The Razon-led port operator netted US$484.54 million in the January to September period, up from $465.13 million a year earlier, according to The Manila Times.
Revenue from port operations for the quarter ended September increased 3.0 per cent to $594.88 million from $576.70 million a year ago.
Enrique Razon, ictsi chairman and president, said the 'excellent results' were delivered against some very strong prior year comparatives.
'Looking ahead, while we continue to expect a challenging macroeconomic and geopolitical environment, we remain confident in the resilience of ICTSI's diverse portfolio,' he said in a statement.
'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 9.45 million TEU in the first nine months of this year, 7 per cent higher than the volume of TEU handled in the same period in 2022.
Consolidated cash operating expenses in the first nine months rose by 12 per cent to $489.14 million from $438.13 million in 2022.
Capital expenditures (capex), excluding capitalized borrowing costs, amounted to $233.58 million for the first nine months and were mainly used for ongoing expansions and acquisition of equipment in various ports around the world. For 2023, the estimated capex is about $400 million.
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The Razon-led port operator netted US$484.54 million in the January to September period, up from $465.13 million a year earlier, according to The Manila Times.
Revenue from port operations for the quarter ended September increased 3.0 per cent to $594.88 million from $576.70 million a year ago.
Enrique Razon, ictsi chairman and president, said the 'excellent results' were delivered against some very strong prior year comparatives.
'Looking ahead, while we continue to expect a challenging macroeconomic and geopolitical environment, we remain confident in the resilience of ICTSI's diverse portfolio,' he said in a statement.
'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 9.45 million TEU in the first nine months of this year, 7 per cent higher than the volume of TEU handled in the same period in 2022.
Consolidated cash operating expenses in the first nine months rose by 12 per cent to $489.14 million from $438.13 million in 2022.
Capital expenditures (capex), excluding capitalized borrowing costs, amounted to $233.58 million for the first nine months and were mainly used for ongoing expansions and acquisition of equipment in various ports around the world. For 2023, the estimated capex is about $400 million.
SeaNews Turkey