INTERNATIONAL Container Terminal Services Inc. (ICTSI) announced that net income rose 4 per cent in the first nine months of the year, mainly due to higher operating and interest income.

The Razon-led port operator netted US$484.54 million in the January to September period, up from $465.13 million a year earlier, according to The Manila Times.

Revenue from port operations for the quarter ended September increased 3.0 per cent to $594.88 million from $576.70 million a year ago.

Enrique Razon, ICTSI chairman and president, said the "excellent results" were delivered against some very strong prior year comparatives.

"Looking ahead, while we continue to expect a challenging macroeconomic and geopolitical environment, we remain confident in the resilience of ICTSI's diverse portfolio," he said in a statement.

"Our strategy as an independent port operator supported by our cost and operational discipline means we are well-positioned for the rest of the year, as well as over the longer term," he added.

ICTSI handled a consolidated volume of 9.45 million TEU in the first nine months of this year, 7 per cent higher than the volume of TEU handled in the same period in 2022.

Consolidated cash operating expenses in the first nine months rose by 12 per cent to $489.14 million from $438.13 million in 2022.

Capital expenditures (capex), excluding capitalized borrowing costs, amounted to $233.58 million for the first nine months and were mainly used for ongoing expansions and acquisition of equipment in various ports around the world. For 2023, the estimated capex is about $400 million.