ASIAN TERMINALS, Inc. (ATI) reported a 15.8% increase in net income to P2.9 billion for 2018, fueled by record-high cargo volume handled at its Manila and Batangas ports.
In a disclosure to the stock exchange, the listed port operator said its revenues likewise jumped 15.8% to P12.3 billion last year, from the P10.6 billion posted in 2017.
ATI attributed the strong profit growth to the rise in volume of its international containerized cargoes.
Manila South Harbor and Batangas Container Terminal handled a combined 1.4 million twenty-foot equivalent units (TEUs), which ATI said is the highest ever for the company.
ATI said its total throughput at the Manila South Harbor was at 1.3 million TEUs last year, 6% higher than in 2017. For the Batangas Container Terminal, volume spiked by 25% to 250,000 TEUs.
“In synergy, Manila South Harbor and Batangas Container Terminal have effectively supported government’s drive for inclusive growth within and outside Metro Manila by continuously opening direct market connectivity and delivering competitive port services to shippers based in the country’s national capital and southern Luzon regions,” the company said.
ATI said it is investing P14.7 billion over the next two years to fuel its expansion projects in the Manila and Batangas ports in anticipation of growing demand.
“(The capital investment will be used) to develop more berths and storage spaces in Manila and Batangas ports, additional container yards outside the port zones, acquire more cargo handling equipment and invest in innovations, which would redound to greater efficiencies and safer port environment for stakeholders,” the company said.
ATI expects the expansion of Batangas Container Terminal to be completed within the second quarter. This will bring the terminal’s capacity to over 450,000 TEUs annually from the current level of 350,000 TEUs.
“By end-March, ATI’s Sta. Mesa container storage facility will be able to accommodate Customs-cleared laden boxes to be followed by the opening of a new five-hectare container depot outside the Port of Manila in April,” it added. — D.A. Valdez