ATI’s Q1 earnings slump as container volumes fall

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Asian Terminals, Inc. (ATI)
Courtesy of Asian Terminals, Inc.

PORT OPERATOR Asian Terminals, Inc. (ATI) halved its profits in the first quarter as its ports saw lower container volumes amid the coronavirus disease 2019 (COVID-19) pandemic.

In a regulatory filing Friday, the listed firm said its attributable net income slumped 68% to P472.16 million in the January to March period, as revenues dropped 29% to P2.58 billion.

“Revenues from South Harbor (SH) international containerized cargo operations and Batangas Container Terminal (BCT) decreased from last year by 29.3% and 39.7%, respectively, on account of lower container volumes resulting from the negative impact of COVID-19. Container volumes at SH and BCT declined by 20.8% and 18.8%, respectively,” it said.

ATI said costs and expenses climbed 3% to P1.36 billion, partly due to labor costs related to the COVID-19 crisis. Expenses for security, health, environment and safety rose 8% to P56.3 million as the company bought supplies to combat the spread of the coronavirus.

Other expenses grew 5% to P60.7 million, accounting for donations and community investment programs that ATI rolled out in relation to the pandemic.

Amid the COVID-19 crisis, ATI said its ports will remain operational 24/7 to ensure the “unhampered flow of food, medicines, medical supplies and other vital commodities in the supply chain.”