ICTSI’s 3rd quarter net income up 25%
Manila, Philippines-based global port operator International Container Terminal Services Inc. reported a 25 percent rise in third quarter net income to Peso464 million ($9.1 million) from Peso370 million a year ago.
Revenue increased 16 percent to Peso3.02 billion ($59.1 million).
ICTSI’s group-wide container volume in the third quarter was 530,302 TEUs, up 15 percent from 459,613 TEUs. Domestic operations in Manila were slightly higher at 302,704 TEUs while foreign volumes rose 45 percent to 155,666 TEUs.
“ICTSI has had an excellent quarter,” said Enrique K. Razon Jr., ICTSI’s chairman and chief executive officer. “Container handling volumes at our international units continue to grow strongly, and we are seeing positive volume growth at our Manila terminal for the first time in several quarters.”
After nine months, ICTSI posted net income increased 26 percent to Peso1.32 billion ($25.4 million). Gross revenue rose 13 percent to Peso8.55 billion ($165.4 million). ICTSI’s global container volume after three quarters was up 6 percent to 1.45 million TEUs.