ATI net income up 19% in Q1

Net earnings of Asian Terminals Inc. (ATI) rose by nearly a fifth in the first quarter from a year ago due to higher revenue from operations in the ports of Manila and Batangas.

ATI said in a filing with the Philippine Stock Exchange, it had a net income of P581.9 million from January to March, 19 percent higher than the P490.5 million in the same period last year.

Excluding foreign exchange losses attributable to port concession rights payable, ATI said its net income may have been at a higher P658.8 million for the first three months, up 15.4 percent from the P571.1 million in 2017.

Revenues for the first quarter rose 14.7 percent to P2.65 billion this year from P2.31 billion in the previous year.

“Revenues from South Harbor international containerized cargo operations and Batangas Container Terminal increased from last year on account of higher container volumes, which grew by 4.2 percent and 22.6 percent, respectively,” ATI said.

ATI said revenues from the port of Batangas were also higher compared to last year given higher volume of containers, roll-on roll-off vessels and passengers.

Costs and expenses of ATI also grew 12.6 percent to P1.16 billion in the first three months of the year from P1.03 billion in the same period last year.

This as labor costs, equipment running costs, taxes and licenses, management fees, facilities-related expenses, insurance, professional fees and other expenses all went up year-on-year.

Aside from the Manila South Harbor and port of Batangas, ATI also operates the off-dock container yards in Sta. Mesa in Manila and Calamba in Laguna which serve as marine transport infrastructure and economic trade gateways in the country.