Asian Terminals Inc. (ATI) recorded a 31% drop in net income for the first nine months of 2020 owing to lower container volumes
For the third quarter, ATI’s income grew 14.8% year-on-year
Container volumes at Manila South Harbor and Batangas Container Terminal fell 22.6% and 23.9%, respectively, during the nine-month period
Port operator Asian Terminals Inc. (ATI) recorded P1.96 billion in net income in the first nine months of this year, 31.1% down from the P2.85 billion earned last year on account of lower container volumes.
Revenues likewise declined 21.6% to P7.97 billion in the period January to September 2020 from P10.165 billion in the same period last year, the result of the negative impact of the COVID-19 pandemic on trade, ATI said in a regulatory disclosure.
Revenues from international container cargo operations at Manila South Harbor and Batangas Container Terminal (BCT) decreased year-on-year by 21.1% and 24.7%, respectively.
Container volumes at Manila South Harbor and BCT fell 22.6% and 23.9%, respectively, during the nine-month period.
For the third quarter alone, however, ATI registered better results as signs of trade recovery continued amid the COVID-19 global pandemic.
ATI’s July to September 2020 income reached P812 million, an increase of 14.8% compared to P707 million during the same period in 2019.
Revenues for the quarter stood at P2.92 billion, 6.7% lower than the P3.13 billion it posted for the third quarter of 2019.
From July to September this year, ATI’s international gateway ports in Manila and Batangas handled over 360,000 twenty-foot equivalent units (TEUs) in consolidated container volume. This is 39% higher than for the second quarter, when volumes were heavily impacted by trade slowdown and economic lockdowns locally and globally due to the pandemic.
ATI’s third quarter volume translated to a monthly average of over 120,000 TEUs, bringing it closer to pre-pandemic levels, the port operator noted.
“With the lifting of government restrictions and the calibrated opening up of the economy, we have seen an encouraging uptick in Philippine trade as reflected in the volumes we handled during the third quarter,” ATI executive vice president William Khoury said in a statement.
He said that despite the global pandemic, the company is optimistic of finishing the year “on a respectable note driven by our Company’s resilience.”
Cost and expenses in the first nine months of the year amounted to P3.7 billion, 12% lower than the P4.2 billion in the same period last year.
ATI earlier said it has been undertaking prudent cost management, conducting day-to-day operations anchored on safety and efficiency, and continuing its investment in important port infrastructure projects to “remain resilient amid these challenging times.”