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Asian Terminals Inc. reported a 24% year-on-year decline in net income to P1.5 billion for the first nine months of 2021
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Revenues, however, improved 3.2% driven by higher volumes
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Foreign cargoes in Manila and Batangas ports broke the one million twenty-foot equivalent units mark by end-September
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ATI is optimistic of cargo increase for the remainder of the year
Port operator Asian Terminals Inc. (ATI) reported a 24% year-on-year decline in net income to P1.5 billion for the first nine months of 2021.
The decrease was due to volume-driven expenses, rising fuel price, sustained COVID-19 resiliency measures, and unfavorable foreign exchange rate impact, ATI said in a statement.
Revenues from January to September 2021, however, improved 3.2% to P8.22 billion from P7.97 billion in the same period last year, driven by higher volumes handled during the period.
ATI said foreign cargoes handled by its ports in Manila and Batangas broke the one million twenty-foot equivalent unit (TEU) mark by the end of September 2021.
From January to September 2021, ATI’s Manila and Batangas ports handled over 810,000 TEUs and nearly 200,000 TEUs, respectively, and collectively were 8% higher compared with volumes recorded in the same period last year. The port operator said this indicates “resilient growth since the novel health emergency disrupted global and local supply chains last year.”
ATI said cargo flow during the third quarter was tempered by operational disruptions in major Asian transshipment hubs caused by spikes in COVID-19 incidents, with governments preemptively locking down port facilities to curb infection rates. Disruptions in the major regional ports also resulted in ship rerouting, anchorage queuing, terminal gridlocks, and the subsequent delays in container and logistics cycles.
Despite this, ATI executive vice president William Khoury said the company is optimistic of cargo increase for the remainder of the year, driven by higher consumer confidence, robust demand during the holiday rush, and inventory preparations by major industries, especially with the recent easing of community restrictions which would further open up the economy.
“As of October, we have reached 100% vaccination rate for our employees. This further boosts ATI’s capacity and capability to handle more container volumes safely and efficiently as we keep in step with market recovery and fulfill our vital role in keeping cargoes flowing in the supply chain,” Khoury said.
