Listed firm Asian Terminals Inc. (ATI) said its net income went up by 19 percent in the first quarter this year due to improved cargo volumes and cost savings.
The company ended the quarter with revenues amounting to P2.72 billion, 5.5 percent higher than P2.58 billion last year, while operating against a challenging market backdrop due to the Covid-19 pandemic.
ATI’s three-month net income stood at P563 million higher than last year’s P473 million owing to continued cost savings as well as the implementation of the CREATE Law which reduced the income tax rate from 30 percent to 25 percent.
Compared to first quarter last year, revenues from ATI’s international containerized cargo operations in Manila South Harbor and Batangas Container Terminal increased by 9 percent and 7.6 percent, respectively, mainly on account of higher container volumes.
From January to March, ATI’s international gateway ports in Manila and Batangas handled over 327,000 teus (twenty-foot equivalent units) in consolidated container volume, an increase of 5 percent from the same period last year.
Meanwhile, the company has allocated around P6 billion for capital expenditure this year to fund the ongoing port expansion and modernization projects in Manila and Batangas and to explore new growth opportunities.
This includes the current upgrade of the Batangas Passenger Terminal and the ongoing yard expansion and extension of berth facilities in Pier 3 of Manila South Harbor. Early this year, ATI took delivery of five brand new rubber-tired gantry cranes, effectively increasing Manila South Harbor’s fleet by 22 percent to 28 units.
ATI’s investment programs on vital port infrastructure are in line with its commitment with PPA and in support of the post-pandemic resurgence of the Philippine economy.
ATI’s Container Terminal Division (CTD) is among the country’s major international trade gateways.
At par with global standards on safety, security, technology and efficiency, CTD provides 24/7 arrastre and stevedoring services to international shipping lines along Piers 3 and 5 which have 5 working berths with draft of 12 meters.
Efficient port operations are driven by modern planning and operations systems and the best terminal personnel in the industry armed with global and local experience.
Nine (9) ship-to-shore cranes, 23 modern rubber-tired gantries (RTGs), internal transfer vehicles and other handling equipment are optimized to deliver the best customer service.