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ICTSI reports higher earnings, revenues in H1

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Billionaire Enrique K. Razon reported that his flagship ICTSI hauled in $1.16 billion revenues from port operations in the first six months, up 10 percent versus the same period last year, and netted $313.80 million earnings, also up seven percent.

Billionaire Enrique K. Razon reported that his flagship International Container Terminal Services Inc. hauled in $1.16 billion revenues from port operations in the first six months, up 10 percent versus the same period last year, and netted $313.80 million earnings, also up seven percent.

Excluding the impairment of goodwill attributed to Pakistan International Container Terminal , net income attributable to equity holders would have grown 10 percent to $324.41 million. “We have a robust balance sheet and a highly cash generative business which will enable us to continue our strong track record of investing in our terminals to support future growth," Razon stressed.

"These investments are examples of our ongoing commitment to make our ports more efficient, accessible and globally competitive," he said. The increase in volume was mainly due to the contribution of the Manila North Harbour Port Inc. that was consolidated starting September 2022, improvement in trade activities, and new services at certain terminals.

Consolidated cash operating expenses was 15 percent higher at $325.85 million due to the costs contribution of MNHPI and of new businesses at IRB Logistica, and from government-mandated and contracted salary rate adjustments, increases in business development expenses and equipment repairs.

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