MANILA's International Container Terminal Services Inc (ICTSI) has posted a 22 per cent increase in net profit for the first nine months of the year to US$128.8 million, drawn on revenues of $624.7 million, up 19 per cent.

Third quarter net profit increased 29 per cent year on year to $46 million, drawn on revenues of $211 million, up 17 per cent.

Higher profits were attributed to strong revenue growth and margin improvement in key terminals and the contribution from the new terminal in Karachi, a company statement said.

ICTSI handled a total of 4.63 million TEU over the first nine months of the year, up 13 per cent compared to the January-September total in 2012.

"The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the company's terminals and the volume generated by Pakistan International Container Terminal (PICT) and PT Olah Jasa Andal (PT OJA), the company's new container terminals in Karachi, Pakistan and Jakarta, Indonesia, respectively," said the ICTSI release.

Third quarter total container throughput was 16 per cent higher year on year at 1.6 million TEU.