THE Razon-led port operator International Container Terminal Services Inc. (ICTSI) said that they had a 33% increase for their first-quarter net income.

This is in line with their double-digit growth in its revenues during the month.

ICTSI said in a regulatory filing that the net income climbed to $229.78 million in the first quarter from $172.57 million the previous year.

On the other hand, their gross revenues showed an increase of 11% to $637.65 million from $572.25 million.

They said that the changes in the container mix, ancillary services, tariff adjustments, and volume growth in terminals largely at Contecon Manzanillo SA in Mexico, including the favorable translation impact of the appreciation of Mexican peso-based revenues.

ICTSI said that they handled a consolidated volume of 3.009 million twenty-foot equivalent units (TEUs) during the quarter, down from 3.102 million TEUs in 2023, as volume growth in new services was offset by the expiration of the concession contract at the Pakistan International Container Terminal.

“Our international portfolio performed exceptionally well, and the group continues to benefit from geographic diversification spanning 19 countries which has enabled us to deliver growth, despite regional economic headwinds,” ICTSI chairman and president Enrique Razon said.