ICTSI floating in cash, profit up double digits

Port operator International Container Terminal Services Inc. (ICTSI) booked more than $600 million in profit as of September, already breaching last year's total as a result of higher revenue and new projects.

- ELIJAH FELICE ROSALES

Based on its financial report, ICTSI's net income rose by 31 percent to $632.58 million from January to September as revenue grew faster than expenses.

ICTSI earned $511.53 million for the whole of last year, which means it has already gone past that amount with still a quarter left in 2024.

ICTSI hiked its revenue by 14 percent to $2.01 billion in the nine months to September. The company attributed the income growth to better collection and tariff adjustments, receiving above expectation contribution from certain terminals.