International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the nine months of 2023 posting revenue from port operations of US$1.76 billion, an increase of 7% compared with the same period in 2022.
ICTSI reported Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of US$1.11 billion, 7% higher than the US$1.04 billion generated in the same period last year and net income attributable to equity holders of US$484.54 million, 4% more than the US$465.13 million earned in the first nine months of 2022
ICTSI said the figures are driven by higher operating income and interest income, and lower Covid-19-related expenses; partially tapered by nonrecurring impairment of goodwill attributed to Pakistan International Container Terminal (PICT) in the previous quarter and increases in depreciation and amortization, interest on loans, lease liabilities and concession rights payable.
In the same period, ICTSI handled 9,451,912 TEUs, translating to a 7% year-over-year growth with the contribution of Manila North Harbour Port playing an important role.
Additionally, ICTSI’s gross revenues from port operations for the first nine months of 2023 increased by 7% to US$1.76 billion mainly due to the contribution of MNHPI and new businesses at IRB Logistica in Brazil, tariff adjustments, volume growth and higher revenues from ancillary services and general cargo business at certain terminals.
Source: Container News