International Container Terminal Services Inc. said Monday net income grew by 9 percent in the first quarter on the back of higher operating income.
The port operator said net income amounted to $154.61 million from January to March, higher than $142.28 million it booked in the same period last year.
Revenue from port operations reached $572.25 million, an increase of 8 percent from $528.27 million reported a year earlier.
“These results have been driven by our diversified portfolio and continued focus on margins, and they have been achieved against a challenging macroeconomic and geopolitical backdrop,” said ICTSI chairman and president Enrique Razon Jr.
“Looking ahead, whilst we remain cautious of continued uncertainty, ICTSI is a strong and agile business differentiated by our strategy in origin and destination gateway terminals as well as an experienced team with a sharp focus on operational discipline, which positions us well for future growth,” he said. Darwin G. Amojelar