International Container Terminal Services Inc. said Monday its net income grew 14 percent in the first quarter of 2025, led by its international operations.
The port operator said it posted a net income of $239.54 million from January to March, higher than $209.88 million it earned in the same period last year.
Excluding the income from the settlement of legal claims at ICTSI Oregon and the impact of the deconsolidation of PT PBM Olah Jasa Andal (OJA), Jakarta, Indonesia in the first quarter of 2024, net income attributable to equity holders would have grown 25 percent, it said.
“Our international portfolio performed very well with consolidated volume up 12 percent, benefiting from our geographic diversification across 19 countries, which has enabled us to generate continued growth,” said ICTSI chairman and president Enrique Ramon Jr.
“Our balance sheet is robust and cash generation has been strong, reinforcing our ability to invest and capitalize on growth opportunities. Looking ahead, we are mindful of the uncertainty over global trading arrangements and potential macroeconomic headwinds but for ICTSI, the direct impact of announced tariffs is small owing to limited exposure to US trade,” he said.
“We look to the future with confidence, and with our highly disciplined business model and diversified operations, ICTSI remains resilient and in a strong position to continue to deliver financially and operationally for our stakeholders,” Razon said.
The port operator said revenue from port operations amounted to $745.42 million in the three-month period, an increase of 17 percent from $637.65 million a year ago.
Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the group’s consolidated gross revenues would have increased by 16 percent, it said.
ICTSI said it handled consolidated volume of 3,471,913 twenty-foot equivalent units (TEUs) in the first quarter of 2025, or 12 percent higher than 3,090,118 TEUs in the same period in 2024.
“The growth was mainly due to the impact of new services and improvement in trade activities at certain terminals, volume recovery at Contecon Guayaquil S.A. [CGSA] and the contribution of Visayas Container Terminal (VCT), the new terminal in Iloilo, Philippines; partially offset by the deconsolidation of OJA, Jakarta, Indonesia. Excluding the impact of new operations in the Philippines and discontinued operations in Indonesia, the Group’s consolidated volume would still have been up 12 percent,” ICTSI said.
