PORT operator Asian Terminals, Inc. (ATI) reported a consolidated net income of P382 million for the first six months, up 18.8% from P321.4 million in the same period last year. This was achieved partly on the strength of its non-containerized cargo business, whose volume rose 21.7% for the period.
In a statement, ATI said the increase in loose/bulk cargo volume cushioned the impact of the 16% fall in containerized cargo volume for the period and the 4% drop in passenger volume for its South Harbor operations, its flagship.
South Harbor domestic operations also decreased 12% for the first six months.
Despite lower container volumes, revenues from the trade rose 4.2% for the period due to favorable revenue rates while revenues from the non-container trade soared 28% because of a favorable commodity mix.
Consolidated revenues increased 4.9% to P2.11 billion from P2.01 billion last year. Revenues from port operations rose 6.3% to P1.90 billion against last year’s P1.79 billion.
Revenues from non-port operations, however, decreased 7.2% from P219 million in 2007 to P203 million this year.
Consolidated cost and expenses in the first half of the year totaled P1.40 billion, up 4.7% from P1.34 billion last year.
Labor costs of P428 million were 3.9% higher than the P412.1 million of a year earlier.
Consolidated other expenses were 15% more, from P271 million last year to P311.9 million this year.
Meanwhile, ATI is taking its time on the sale of its Mariveles Grains Terminal (MGT) to beverage giant San Miguel Corp. (SMC).
ATI said despite SMC claims it will complete the MGT acquisition for P1.6 billion within the year, the port operator said it has yet to confirm the deal.
Negotiations on the sale of MGT to SMC began almost four years ago when SMC’s single biggest shareholder, Eduardo Cojuangco, announced his interest in the grains terminal.
SMC has already bought properties adjacent to the terminal.
ATI has spent $60 million (around P2.7 billion) for the development of the terminal.
ATI has a contract with the Philippine Ports Authority and the provincial government of Bataan to develop and operate the facility for 20 years until 2013.
Proceeds of the sale would supposedly be used to finance the modernization of ATI’s South Harbor.
Last year, MGT handled 1.6 billion metric tons of grain cargo, a 1.1% increase compared to the 2006 volume.
