Heavier traffic boosts ICTSI’s Jan-Sept earnings

Heavier cargo movement drove a 31-percent surge in the net income of International Container Terminal Services Inc. (ICTSI) during the first three quarters of 2024, signaling strong trading activities.

In a statement on Tuesday, the Razon-led port operator reported that its January to September net income attributable to the parent company reached $632.58 million from $484.54 million a year ago due to higher operating income.

Nine-month revenues jumped by 14 percent to $2.01 billion from $1.76 billion in the same period last year.

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The growth was attributed to consolidated cargo volume inching up by 2 percent to 9.6 million twenty-foot equivalent units (TEUs) in the first three quarters from last year’s 9.45 million TEUs.