ATI posts 6.9% hike in Q1 net income
First-quarter net income was P601.9 million from P562.9 million year-on-year
Revenue grew 6.5% on bigger contributions from Manila South Harbor and Batangas Port
For 2022, ATI allotted more than P5 billion for capital expenditures
Asian Terminals Inc. (ATI) posted a 6.9% hike in first-quarter net income to P601.9 million from P562.9 million recorded in the same period last year.
Revenue for the first quarter totalled P2.897 billion, up 6.5% from P2.719 billion in the same period last year, ATI said in a disclosure to the Philippine Stock Exchange.
Revenue from Manila South Harbor’s international containerized cargo increased 7.8% year-on-year mainly due to the approved tariff increase that took effect in August 2021. Moreover, revenue from Batangas Port surged 37.8% on account of higher roll-on/roll-off volumes.
Government’s revenue share increased 13.4% to P518.4 million from P457.2 million last year as a result of the port authority’s higher share in revenues.
Cost and expenses in the first three months of the year totalled P1.384 billion, up 4.3% higher from the P1.327 billion recorded in the same period last year.
Part of the investment program is the continuing expansion of yard and berth facilities at Manila South Harbor to enable the port to handle growing container volumes and bigger ships deployed by freight carriers, ATI said.
This would result in quicker and safer terminal turnaround times for port users and move the port operator closer to increasing the international trade gateway’s annual throughput capacity from 1.4 million twenty-foot equivalent units (TEU) currently to nearly 2 million TEUs by 2024.
ATI is also upgrading the Batangas Passenger Terminal, which will be completed in 2023.
ATI’s Manila and Batangas container ports collectively handled over 310,000 twenty-foot equivalent units of international boxes during the quarter.
Batangas Port, the biggest car carrier port in the Philippines, also serviced over 54,000 completely built car units (CBUs) from January to March this year, 66% higher year-on-year. ATI said this is reflective of the industry’s strong rebound since the onset of the COVID-19 pandemic.
In 2021, Batangas Port handled over 136,000 CBUs, representing majority of vehicle imports nationwide.
With its multilevel car storage facility, open storage spaces and back-up areas, Batangas Port can handle around 13,000 CBUs in any given time.