PHILIPPINES' International Container Terminal Services, Inc (ICTSI) has posted a net profit attributable to equity holders of US$511.53 million, 17 per cent less than the $618.46 million earned in 2022.

The company said the fall in net profit was primarily due to non-recurring and non-cash impairment of goodwill attributed to the acquisition of Pakistan International Container Terminal (PICT) in Karachi, Pakistan, and other noncurrent assets; and increases in depreciation and amortization, interests on loans, lease liabilities and concession rights payable, and equity share in net loss of joint ventures.

"Excluding the impairment of goodwill attributed to PICT and other non-current assets, net income attributable to equity holders would have grown seven percent to US$676.83 million," ICTSI said in a statement.

Revenue in 2023 increased 6 per cent to US$2.39 billion while throughput grew 4 per cent to 12.75 million TEU. EBITDA increased 7 per cent to a record high of $1.51 billion.

Enrique K Razon, ICTSI chairman and president said the Group delivered industry outperformance, illustrating the strength of its diversified portfolio and operating strategy as well as our financial discipline.

"While the geopolitical backdrop remains complex, 2024 is set to be ripe with opportunities as we continue to invest in new and existing terminals. We have a stronger platform than ever to grow, to drive market share and continue our successful track record as a responsible business that creates long term sustainable value for all its stakeholders."

ICTSI said the increase in container throughput was mainly due to the contribution of Manila North Harbour Port, Inc (MNHPI) in Manila, Philippines that was consolidated starting September 2022, improvement in trade activities, and new services at certain terminals.