EARNINGS of Asian Terminals, Inc. (ATI) jumped 26% in the second quarter as its Manila and Batangas ports handled record cargo volume.
The listed port operator said its attributable net income stood at P1.03 billion during the April to June period, driven by a 12% increase in revenues from port operations to P3.41 billion.
Excluding the government’s share in port operations, revenues in the second quarter went up 14% to P2.83 billion.
In the six months ending June, ATI’s attributable net income soared 53% to P2.14 billion. Revenues grew 24% to P7.04 billion due to the higher throughput recorded in its Manila South Harbor (MSH) and Batangas Container Terminal (BCT) operations.
Minus the government’s share in port operation revenues, ATI’s profit in the first half stood at P5.78 billion, up 24% from last year.
In a statement, ATI said it handled about 650,000 twenty-foot equivalent units (TEUs) of cargo at the MSH during the six-month period, up by more than 15% from last year. This sets a new record for the Manila terminal’s biggest midyear throughput.
In Batangas, the company said it handled more than 160,000 TEUs of cargo during first semester, surging more than 45% from a year ago. With the volume increase so far, ATI said BCT is expected to exceed its 2018 throughput of 250,000 TEUs.
The company attributes its higher cargo volumes during the six-month period to efforts to improve port efficiency.
“In February, ATI and major international shipping lines entered into a terminal and vessel resource sharing agreement…which since paved the way for the immediate evacuation of (empty containers) from Metro Manila and nearby environs,” it said.
“ATI also continuously transfers Customs-cleared overstaying boxes from MSH to its Sta. Mesa container yard… This has contributed to optimized yard space and overall terminal efficiency,” it added.
The company is investing $300 million (about P15.6 billion) for capital expenditures this year to fund the expansion of its port operations. — Denise A. Valdez