More cargo movements due to improving trading activities allowed International Container Terminal Services Inc. to end 2022 with a record-high bottom line of $618.46 million. | TyronePiad /PDI
“While the weaker economic backdrop continues, our business fundamentals remain constructive and we remain strongly positioned to deliver sustainable growth,” ICTSI chair and president Enrique Razon Jr. said.The listed company spent $386.35 million in capital expenditures last year for the expansion of operations locally and in Australia, Mexico and Madagascar.
This year, the port operator is earmarking $400 million for its capital outlays. It will be spent on equipment acquisitions and upgrades as well as maintenance requirements, in addition to ongoing expansion plans. Currently, the Berth 8 of ICTSI’s Manila International Container Terminal is undergoing development that will increase capacity by 200,000 TEUs to 3.5 million TEUs.Your subscription could not be saved. Please try again.
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