MANILA's International Container Terminal Services, Inc (ICTSI) has posted a net profit of US$465.1) for the first nine months of the year, an increase of 47 per cent more due to higher operating income, net foreign exchange gain, equity share in net profit of joint ventures.
Revenues from its port operations for the first nine-month period totalled $1.64 billion, up 20 per cent versus the same period last year, according to Manila Bulletin.
ICTSI handled consolidated volume of 8,856,303 TEU in the first nine months of 2022, up seven percent.
The increase in volume was primarily due to volume growth and improvement in trade activities as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions, the company said.
New shipping lines and services at certain terminals, as well as Manila North Harbour Port, Inc (MNHPI) and International Container Terminal Services Nigeria Ltd (ICTSNL), the company's new terminal in Port of Onne, Nigeria, also contributed,
'We have delivered seven consecutive quarters of double-digit consolidated revenue growth which has helped offset inflationary pressure with our excellent performance being driven by volume growth, cost control and operating discipline,' says Enrique K Razon, Jr, ICTSI chairman and president.
'We remain mindful of the macro-economic environment and the potential impact this may have on our business but remain confident that we are well-positioned to navigate these headwinds through our agility, diversified portfolio and strong balance sheet,' he elaborated.
Excluding the consolidation of MNHPI, ICTSNL, and Davao Integrated Port and Stevedoring Services Corporation (DIPSSCOR) in Davao, Philippines, which was terminated last June 30, 2022, consolidated volume would have increased by six per cent.
SeaNews Turkey
Revenues from its port operations for the first nine-month period totalled $1.64 billion, up 20 per cent versus the same period last year, according to Manila Bulletin.
ICTSI handled consolidated volume of 8,856,303 TEU in the first nine months of 2022, up seven percent.
The increase in volume was primarily due to volume growth and improvement in trade activities as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions, the company said.
New shipping lines and services at certain terminals, as well as Manila North Harbour Port, Inc (MNHPI) and International Container Terminal Services Nigeria Ltd (ICTSNL), the company's new terminal in Port of Onne, Nigeria, also contributed,
'We have delivered seven consecutive quarters of double-digit consolidated revenue growth which has helped offset inflationary pressure with our excellent performance being driven by volume growth, cost control and operating discipline,' says Enrique K Razon, Jr, ICTSI chairman and president.
'We remain mindful of the macro-economic environment and the potential impact this may have on our business but remain confident that we are well-positioned to navigate these headwinds through our agility, diversified portfolio and strong balance sheet,' he elaborated.
Excluding the consolidation of MNHPI, ICTSNL, and Davao Integrated Port and Stevedoring Services Corporation (DIPSSCOR) in Davao, Philippines, which was terminated last June 30, 2022, consolidated volume would have increased by six per cent.
SeaNews Turkey