Home » Maritime » ATS books P480M loss in first nine months

DOMESTIC shipping operator Aboitiz Transport System (ATS) posted a net loss of P480.4 million for the first three quarters of the year, a reversal from the same period last year’s net income of P428.8 million.

Consolidated revenues, however, increased 10% for the period to P9.6 billion from P8.7 in 2009. ATS said international ship chartering business and supply chain solutions, specifically trading and third-party logistics, drove top line growth.

Both local freight and passage businesses turned in respective revenues of P3.5 billion and P2 billion, down 3% and 6% year-on-year.

Passage revenues dropped P130 million to P2 billion while local freight business contributed P3.5 billion, a 3% decrease from last year.

"The company operated with very limited capacity in the first half of the year, as most of its SuperFerry vessels and freighters were on regular maintenance and drydocking," ATS said.

It was only in the quarter that the entire ATS fleet operated in full.

Freight utilization reached 96% on SuperFerry vessels compared to 91% last year.

Total cost and expenses grew 24% year-on-year to P10.1 billion due to higher international charter rates and fuel prices.

ATS expects to carry more passengers by the last quarter of the year with the full fleet in operation, including SuperFerry 20 and 21 purchased in June. The last two vessels increased the company’s total cargo capacity by 400 twenty-foot equivalent units and passage capacity by about 1,700.

ATS earlier said prospects this year are not only good for its shipping and logistics businesses but also its shipbuilding and ship management ventures, including MCC Transport, a joint venture with Maersk Line.

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