ICTSI reports record first-quarter income of $239.54 million

International Container Terminal Services Inc. (ICTSI) reported a record-high first-quarter income of $239.54 million, a 14.1 percent increase from the previous year.

The company's revenues also saw a significant jump of 16.9 percent, reaching $745.42 million, driven by volume growth across its international operations.

ICTSI Chairman and President Enrique K. Razon, Jr. expressed confidence in the company's future, citing its resilient and diversified business model.

However, the company's growth was partially offset by the deconsolidation of PT PBM Olah Jasa Andal (OJA) in Jakarta, Indonesia.

Excluding the impact of discontinued operations in Indonesia, net income attributable to equity holders would have increased by 25%.

Consolidated volume handled by ICTSI increased by 12 percent to 3.47 million twenty-foot equivalent units (TEUs).

Revenues from Asia, which accounted for 42.9% of ICTSI's total revenue, increased by 23.34% to $319.9 million.