Global ports giant International Container Terminal Services Inc. (ICTSI) sailed through the first nine months of the year with a 19 percent rise in net income, buoyed by strong global trade, higher cargo volumes, and disciplined cost management.

In a disclosure to the stock exchange on Thursday, ICTSI said net income attributable to equity holders climbed to $751.56 million from $632.58 million a year ago.

Revenues from port operations also advanced 16 percent to $2.34 billion, while Earnings Before Interest, Taxes, Depreciation, and Amortization expanded 17 percent to $1.54 billion. Diluted earnings per share improved 21 percent to $0.365.

Excluding one-off items and the effects of new and discontinued operations in Iloilo, Batam, and Jakarta, ICTSI said net income would have grown an even stronger 22 percent.

Revenue surge

The company credited the revenue surge to tariff adjustments, a favorable container mix, and higher income from ancillary services and general cargo operations — with Ecuador’s Guayaquil terminal leading a notable rebound.

However, these gains were partially tempered by foreign exchange losses tied to the weaker Mexican peso and Brazilian real.

ICTSI chairman and president Enrique K. Razon Jr. said the company’s “excellent performance in the first nine months is a testament to the strength of our global operations and the disciplined execution of our strategy.”

‘Opportunities in dynamic markets’

Razon said ICTSI’s “diversified portfolio has enabled (it) to capture opportunities in dynamic markets,” with consolidated volume rising 11 percent to 10.69 million twenty-foot equivalent units and port revenues up 16 percent — results that, he noted, “demonstrate the resilience of our business and operational excellence.”

“Looking ahead, ICTSI is well-positioned to build on this momentum and deliver long-term value,” he added.

From January to September, the company’s cash operating expenses rose 11 percent to $585.96 million amid higher throughput and wage adjustments, though ICTSI said these were offset by “cost optimization measures and favorable currency movements.”

Capital spending reached $449.61 million during the period, covering ongoing expansions in Mexico, the Philippines, and the Democratic Republic of Congo, as well as the acquisition of the Batu Ampar Terminal in Indonesia.

Total investments

The company expects total investments to hit around $580 million this year, with funds going to projects such as the Batangas terminal and increased capacity at the Manila International Container Terminal.