ICTSI net income up 73% in H1

PORT operator international container Terminal services, inc. (ictsi) saw its net income attributable to equity holders surging by more than 70 percent in the first half, thanks to higher operating income.

in a regulatory filing, the company said its bottomline reached $197.7 million during the first semester, a 73-percent increase from the $113.4 million it booked last year.

“These results have surpassed 2019 pre-pandemic performance and were driven by favorable market conditions and the prudent actions we took at the onset of the pandemic. This is evidenced by the strong organic growth across our terminals underpinned by the strength and resilience of ictsi and our differentiated strategy,” ictsi chairman enrique K. razon said.

revenues from port operations grew by 22 percent to $882.6 million from $724.3 million due to volume growth, favorable container mix, and new contracts with shipping lines.