Philippine listed port operator Asian Terminals Inc. (ATI) generated revenue of P6.574 billion for 2013, 5.6% higher than the P6.228 billion in 2012 due to increased volumes in ports that it operates.
Net income for 2013, however, fell 29.3% to P1.206 billion from P1.705 billion in 2012 due to the impact of a change in accounting policy and a significant increase in the Philippine Ports Authority’s (PPA) share in ATI’s gross revenue last year.
Revenue from international containerized cargo at Manila South Harbor grew by P304.2 million or 6.0% on higher vessel-related and cargo-related revenues per unit of cargo. Revenues from South Harbor international non-containerized cargo increased by P79.2 million or 32.7% due to higher volume and higher cargo-related revenues per unit.
ATI’s Batangas operations were all rosy, with revenue at the Port of Batangas growing by P64.4 million or 13.8% on higher volumes while revenue from Batangas Container Terminal increased by P43.2 million or 382.8% due to a 35% volume growth and additional rental income.
On the other hand, revenues from South Harbor domestic terminal operations and Inland Clearance Depot declined by P113.7 million or 33.1% and P30.8 million or 37.6% due to lower volumes.
Excluding the impact of change in accounting policy for fixed fees paid to the grantor, net income would have increased 1.1% to P1.697 billion from P1.678 billion in 2012.
PPA’s share in gross revenues increased 14.7% to P1.116 billion in 2013 from P972.5 million in 2012 following higher revenues and higher percentage share. Without the impact of this increase, net income would have grown by 11 %.
ATI, in a filing with the Philippine Stock Exchange, said it will be rolling out its most aggressive investment this year.
At the core of this is ATI’s programmed capital investments worth P2.2 billion for 2014 which will bankroll the acquisition of more container-handling equipment, rehabilitation of piers, upgrade of port systems and technologies and development of new container storage areas within the Manila South Harbor expanded port zone. All these form part of ATI’s investments commitments with the PPA.
Recently, ATI took delivery of its additional ship-to-shore (STS) crane and two rubber-tired gantry (RTG) cranes, which shall be commissioned within the next two months.
ATI said it would also sustain its last year’s efforts in promoting the Batangas Container Terminal as the best alternative gateway to Manila ports, with keen focus on encouraging carriers to deploy network tonnage with a frequency required by shippers and appending market share in the Cavite, Laguna, Batangas, Rizal and Quezon (Calabarzon) region, for which the port was primarily built to serve.
ATI said it is keeping its eyes open for more business growth drivers, including exploring new port operations locally or overseas, given the right opportunity.
The company said it would be amending its corporate by-laws to allow itself to engage in other business activities and expand overseas.—Roumina Pablo
Photo from www.asianterminals.com.ph