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.”