ATI sees 79% higher income

PORT operator Asian Terminals, Inc (ATI) posted a consolidated net income of P663.6 million in 2005, 79% higher than the P370.9 million it registered in 2004. The company attributed its positive performance to increased productivity at its South Harbor operations. Consolidated revenues climbed 14.1% from P3.57 billion in 2004 to P4.08 billion last year. At the South Harbor domestic terminal, containerized cargo volume rose 20.5% and passenger volume 50.7%. These pushed revenues up by 24%. Revenues from port operations rose 15.8% from P2.8 billion in 2004 to P3.3 billion in 2005 mainly due to higher contributions from the South Harbor. International container operations at the South Harbor improved 17.8% on account of a favorable container mix, enhancement in ancillary services and increase in tariff rates. Increasing competition, however, clipped South Harbor non-containerized cargo volume by 31.7%.Revenues from non-ports business contributed to the improvement in results, growing 7.5%. Consolidated costs and expenses rose 3% from P2.67 billion in 2004 to P2.75 billion in 2005. ATI said the increase came from running of equipment, up 8% from P384.1 million in 2004 to P414.9 million in 2005 due to higher fuel and utility costs. Taxes and licenses expenses rose 16.3% from P105.9 million in 2004 to P123.2 million in 2005 due to higher local taxes. Consolidated other expenses grew 23.1% from P543.8 million in 2004 to P669.4 million in 2005 associated with higher revenues from greater focus on safety and the environment. Consolidated long-term debt, net of debt issue costs, inched up 1.8% to P4.06 billion.