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ICTSI posts $239.54-M Q1 income

ICTSI posts $239.54-M Q1 income

Provided by Philippine Daily Inquirer.

ICTSI posts record-high first quarter earnings
ICTSI posts record-high first quarter earnings. INQUIRER FILE PHOTO



MANILA, Philippines -  International Container Terminal Services Inc. (ICTSI) benefited from its strong international portfolio in the first quarter of the year, allowing it to deliver record-high quarter earnings of $239.54 million, up by 14 percent.

The company led by billionaire Enrique Razon Jr. said in a regulatory filing on Monday its revenues had likewise jumped by 17 percent to $745.42 million on volume growth.

“Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalize on growth opportunities,” ICTSI chair and president Razon said in their disclosure.

READ: ICTSI allots $580 million for local, overseas projects

ICTSI also credited its all-time high first-quarter earnings to higher operating income, although growth was tapered by higher depreciation and amortization charges.

Excluding gains from the settlement of legal claims at ICTSI Oregon and the deconsolidation of PT PBM Olah Jasa Andal, Jakarta recognized in the same period last year, the company’s net income would have jumped by 25 percent.

In the first three months of the year, ICTSI handled a consolidated volume of 3.47 million twenty-foot equivalent units (TEUs), up by 12 percent from 3.1 million TEUs previously.

This was on the back of volume recovery at Contecon Guayaquil S.A. and contributions from the new Visayas Container Terminal in Iloilo province.

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