Asian Terminals Inc. (ATI) saw its first quarter net income rise by 19.1% due to cost saving initiatives and the reduced corporate income tax rate.
The company on Friday said net income went up 19.1% to P562.9 million in the first three months from P472.5 million in the same period last year, which it partially attributed to the recent law reducing the corporate income tax rate.
The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which cuts corporate income tax to 25% from 30%, was signed by President Rodrigo R. Duterte in March.
ATI revenues went up 5.5% to P2.72 billion in the first quarter from P2.58 billion last year.
During this period, ATI’s international ports in Manila and Batangas handled 327,000 twenty-foot equivalent units (TEUs) in consolidated container volume, up 5% from last year.
The listed company is spending P6 billion in capital investments this year to bankroll ongoing port expansion and modernization projects and other “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,” ATI said. — Jenina P. Ibañez