International Container Terminal Services, Inc. (ICTSI) reported a 23 percent jump in first-quarter net income, driven by contributions from new terminals and stronger operating performance, despite modest underlying volume growth.

The Razon-led port operator said Monday net income attributable to equity holders rose to $293.57 million from $239.54 million a year ago.

Excluding a one-off charge from the sale of its Yantai terminal in China, earnings would have increased 29 percent to $308.27 million. Diluted earnings per share climbed to $0.143 from $0.116.

Revenue from port operations surged 29 percent to $961.11 million, nearing the $1-billion mark, from $745.42 million last year, fueled by higher volumes, improved cargo mix, tariff adjustments, and stronger ancillary revenues.

New contributions from Durban Gateway Terminal in South Africa and Batu Ampar in Indonesia, along with favorable foreign exchange movements, also boosted the company's performance. Excluding these additions, revenue growth would have been 19 percent.

ICTSI Chairman and President Enrique K. Razon Jr. said the company's first quarter performance reflected the strength of its diversified portfolio and disciplined execution, anchored on efficiency, cost control, and strategic expansion.

“Our focus on operational efficiency, prudent cost management and careful capital allocation continues to underpin the resilience of our business," he said.

Throughput rose 18 percent to 4.08 million TEUs, largely driven by the new terminals and stronger trade in Asia and the Americas. Without these, volume growth was flat at 1 percent, indicating steady demand across existing operations.

Costs increased alongside expansion, with cash operating expenses rising 40 percent to $261.81 million.

ICTSI spent $117.94 million in capital expenditures during the quarter and earmarked $740 million for the year projects across multiple markets, including the Philippines, Mexico, and Brazil.