Home Economy ICTSI net profit slightly up in Q3, nine-month income rises 4.2%

ICTSI net profit slightly up in Q3, nine-month income rises 4.2%

by













RAZON-LED International Container Terminal Services, Inc. (ICTSI) saw a slight increase in its third-quarter (Q3) attributable net income to $170.74 million from $170.66 million a year earlier on flat revenues.

The 0.05% profit rise comes as the listed port operator recorded consolidated revenues of $594.88 million in the third quarter, up by 3.2% from $576.70 million.

The company’s gross expense rose 4.5% to $289.58 million from $277.08 million in the same period last year.

For January to September, ICTSI recorded an attributable net income of $484.54 million, a 4.2% climb from the $465.13 million in the corresponding period a year ago.

However, the company said its attributable profit dwindled because of “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.”

Without these, its net income would have expanded to $495.15 million, or a 6.5% jump.

“Looking ahead, whilst we continue to expect a challenging macro-economic and geo-political environment, we remain confident in the resilience of ICTSI’s diverse portfolio,” said Enrique K. Razon, Jr., its chairman and president.

“Our strategy as an independent port operator supported by our cost and operational discipline means we are well positioned for the rest of the year, as well as over the longer term,” he added.

ICTSI saw its nine-month gross revenues expand to $1.76 billion, a 7.3% increase from the $1.64 billion in the same period last year.

The company handled a consolidated volume of 9.45 million TEUs or twenty-foot equivalent units, 6.7% higher than the 8.86 TEUs last year, which was mainly contributed by Manila North Harbour Port, Inc.

Established in 1987, ICTSI operates 33 terminals in 20 countries across six continents.

At the local bourse on Wednesday, shares in the company shed six centavos or 0.29% to close at 209.40 apiece. — Ashley Erika O. Jose

Neil Banzuelo




Related News