International Container Terminal Services Inc. (ICTSI) reported a 51% jump in net profit for the first quarter ended March 31 as global trade activities recovered from the Covid-19 pandemic.
The Philippine-based port operator said net profit climbed to $90.1 million in the first quarter from $59.6 million the previous year. The company, which is controlled by billionaire Enrique Razon Jr., said the strong performance was underpinned by increased volumes and revenue across Asia, the Americas and Europe.
“We have seen improvements in most of our terminals as economies continue to recover from the pandemic as well as significant contributions from new shipping lines and services,” Razon, who is ICTSI’s chairman and president, said in a statement.
ICTSI said revenue climbed 16% to $425.6 million in the first quarter as throughput increased 8% to 2.7 million twenty-foot equivalent unit (TEUs) of box containers.
Razon’s grandfather started the business with a port in Manila in 1916, before his father rebuilt it after World War II. Razon grew the business globally.