ICT FY23 net income down 17% to US $511-M
International Container Terminal Services [ICT 283.20, down 2.0%] [link], the multi-national port operator owned by Enrique Razon, posted FY23 net income of $511 million, which was down 17% from FY22’s $618 million due to a “non-recurring and non-cash impairment of goodwill” related to ICT’s acquisition of Pakistan International Container Terminal (PICT), and to various other increases in expenses and liabilities. ICT said that without the impairment of goodwill attributed to PICT, the company would have had a FY23 net income of $677 million which would have been a 7% improvement over FY22. ICT’s revenues increased 6% to $2.39 billion, and the volume of containers handled increased 4% to 12.7 million.
