ICTSI profit up 42% despite headwinds

INTERNATIONAL Container Terminal Services Inc. (ICTSI) on Monday reported a 42-percent rise in 2022 net income to $677.47 million (approximately P36.7 billion) from $477.54 million a year earlier.

The result was said to be primarily due to higher operating income that was partially tapered by an increase in depreciation and amortization charges, interest on loans, lease liabilities and concession rights payable, provision for income taxes and nonrecurring impairment charges.