The increase in volume was due mainly to volume growth and improvement in trade activities as economies continue to recover from the impact of the covid-19 pandemic and lockdown restrictions; new shipping lines and services at certain terminals. .
Gross revenues from port operations for the first nine months of 2022 was 20% higher at $1.64bn compared to the $1.37bn reported in the same period in 2021. For the third quarter of 2022, gross revenues increased 20% from $482.4m to $576.7m.
“We have delivered seven consecutive quarters of double-digit consolidated revenue growth which has helped offset inflationary pressure with our excellent performance being driven by volume growth, cost control and operating discipline,” commented Enrique Razon, Jr., ICTSI Chairman and President
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of $1.04bn, 25% higher than the $829.4m generated the first three quarters last year; and net income attributable to equity holders of $465.1m, 47% more compared to $316.4m in 2021.
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