ICTSI Q2 profit rises 16% to $244.31M on volume and operational growth

RAZON-LED International Container Terminal Services, Inc. (ICTSI) saw its second-quarter (Q2) attributable net income rise by 15.97% to $244.31 million, driven by sustained earnings across all its port operations.

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“We have seen significant growth both operationally, an 11% increase in consolidated volume, and in the value we create for our shareholders, with a 17% increase in diluted earnings per share, demonstrating the resilience of our business and success of our growth strategy,” ICTSI Chairman and President Enrique K. Razon, Jr. said in a statement on Tuesday.

For the three months ending June, the port operator's gross revenue rose by 11.8% to $764.63 million from $684.03 million in the same period a year ago.

The company’s combined expenses for the second quarter rose to $344.68 million, higher by 12.4% from $306.66 million previously.

The listed global operator recorded an attributable net income of $483.84 million for the January-to-June period, marking an increase of 15.05% from $420.55 million in the same period last year.