International Container Terminal Services, Inc. (ICTSI) eked out a one percent improvement in attributable net income to US$182.1 million last year from the US$180.0 million earned in 2016.
In a disclosure to the Philippine Stock Exchange, the firm reported audited consolidated revenue from port operations of US$1.244 billion, 10 percent higher compared to US$1.128 billion in 2016.
The increase in net income was mainly due to the continuing ramp-up at the company’s new terminal in Matadi, Democratic Republic of the Congo (DRC); strong operating results from the terminals in Iraq, Mexico, Honduras, Madagascar, China, Poland and Brazil; and the gain related to the termination of the sub-concession agreement in Lagos, Nigeria.
