Daily Tribune‘Our balance sheet is robust and cash generation has been very strong, with free cash flow up 46 percent during the quarter further reinforcing our ability to invest and capitalize on growth opportunities’
Share
ICTSI chairman and president Enrique K. Razon Jr. said the company's positive performance makes him ‘look to the future with confidence and with our highly disciplined business model we remain strongly positioned to continue to deliver financially and operationally for our stakeholders.’
Photograph courtesy of ICTSI
The stellar performance of Enrique K. Razon-led global port operator International Container Terminal Services Inc.’s international portfolio resulted in ICTSI’s posting a double-digit increase in its first-quarter profit.
In a stock exchange report on Monday, ICTSI disclosed that it booked $209.88 million attributable net income from January to March, which was 36 percent higher than the recorded $154.61 million a year ago.
Revenues from global port operations likewise grew by 11 percent to $2.39 billion from $2.24 billion a year ago.
Positive performance
ICTSI chairman and president Enrique K. Razon Jr. said the positive performance early this year has positioned the company to better deliver a promising future for its stakeholders.
“We look to the future with confidence, and with our highly disciplined business model we remain strongly positioned to continue to deliver financially and operationally for all our stakeholders,” Razon said.
“Our balance sheet is robust and cash generation has been very strong, with free cash flow up 46 percent during the quarter further reinforcing our ability to invest and capitalize on growth opportunities,” he added.
Consolidated volume
ICTSI handled a consolidated volume of 3,090,118 twenty-foot equivalent units as of end-March, marginally down from 3,102,105 TEUs year-on-year.
Meanwhile, the company’s consolidated cash operating expenses in the first quarter of the year increased by 6 percent to $172.48 million compared to $163.14 million in the previous year.
The increase was primarily due to government-mandated and contracted salary rate adjustments (including benefits), expenses related to port equipment repairs and maintenance, as well as unfavorable foreign exchange rates.
Operating 33 terminals in 20 countries across six continents, ICTSI is a global developer, manager and operator of container terminals in the 50,000 to 3.5 million TEU per year range.
