ICTSI books 20% growth in net income in first 9 months

INTERNATIONAL Container Terminal Services Inc. (ICTSI) on Monday, Nov. 7, 2022 reported unaudited consolidated financial results for the nine months of 2022 posting revenue from port operations of US$1.64 billion, an increase of 20 percent from the $1.37 billion reported for the same period in 2021; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $1.04 billion, 25 percent higher than the $829.4 million generated in the first three quarters last year; and net income attributable to equity holders of $465.1 million, 47 percent more than the $316.4 million earned in the first nine months of 2021 primarily due to higher operating income, net foreign exchange gain, equity share in net profit of joint ventures, and interest income; partially tapered by increase in interest on loans, lease liabilities and concession rights payable, and depreciation and amortization charges.

Diluted earnings per share for the first nine months of 2022 was 63 percent higher at $0.215 compared to $0.132 in the same period in 2021. (PR)