Asian Terminals Inc. (ATI) revenues for the first quarter this year surged 30% year-on-year to P1.9 billion, driven by a 37.3% jump in revenues at its flagship Manila South Harbor on increased volumes and higher storage fees.
Net earnings for the period, however, declined 9.9% to P360 million, from P399.7 million a year ago, as ATI paid more pesos for its port concession rights payable as the peso weakened against the US dollar in the first quarter.
Excluding the foreign exchange loss, the company would have made a net income of P431.1 million or 12.7% higher than the P382.5 million it earned for the same period last year.
Revenue from South Harbor operations jumped 37.3% due to higher volume and storage fee increases mandated by the Philippine Ports Authority.
However, revenue from South Harbor’s international non-containerized operations declined 5.1% because of lower volume.
The port operator noted that in a Dec. 16, 2013 meeting, its board decided to discontinue ATI’s domestic operations at South Harbor.
Meanwhile, Port of Batangas Phase 1 and Batangas Container Terminal (BCT), both operated by ATI, recorded revenue growth of 43.4% and 195.8%, respectively.
The company attributed the significant improvement to higher volume and roll-on/roll-off units at Batangas port Phase 1 and an increase in container volume at BCT.
The port operator is rolling out P2.2 billion in capital investments this year, its most aggressive investment program in over two decades, as it builds on the capacity and efficiencies of its gateway port facilities.
Revenue from South Harbor operations jumped 37.3% due to higher volume and storage fee increases mandated by the Philippine Ports Authority. Revenue from South Harbor’s international non-containerized operations, on the other hand, declined 5.1% because of lower volume.
Photo courtesy of Asian Terminals Inc.
