Port operator Asian Terminals Inc. (ATI) reported a net income of P472.5 million in the first quarter of 2020, 57.5% less than the P1.111 billion earned in the same period last year as container volumes handled by its terminals took a beating from the coronavirus disease (COVID-19).
Revenues for the first quarter of 2020 likewise dropped 28.9% to P2.578 billion from P3.628 billion year-on-year, ATI said in a regulatory disclosure.
Revenues from ATI-operated terminals Manila South Harbor and Batangas Container Terminal (BCT) respectively decreased by 29.3% and 39.7% on account of lower container volumes resulting from COVID-19.
Container volumes at Manila South Harbor and BCT declined by 20.8% and 18.8%, respectively.
Government share in revenues for the first quarter fell 36.2% to P427.3 million from P670.2 million last year as a result of lower revenues subject to port authorities’ share.
Cost and expenses for the first three months amounted to P1.362 billion, 3% higher than the P1.323 billion expense in the same period last year.
ATI earlier said both Manila South Harbor and BCT are operating at optimum levels despite implementation of community quarantines to prevent further spread of COVID-19. Stringent company health and safety protocols and established business continuity plan are also being implemented at Manila South Harbor, Batangas Port and the company’s off-dock facilities in Laguna.