ATI posts 79% profit hike to P663.6M in 2005

Port operator Asian Terminals Inc. (ATI) reported a 79-percent growth in its net profit last year to P663.62 million from P370.89 million in 2004, mainly on higher revenues and the improvement in cost management.

In a financial report filed with the Securities and Exchange Commission, ATI said consolidated revenues went up 14 percent to P4.08 billion as against P3.58 billion a year earlier. Revenues from operations grew 5.8 percent to P3.28 billion from P2.83 billion, primarily due to higher contributions from the South Harbor international container and domestic terminal operations.

Revenues from South Harbor international container operations rose 17.8 percent on account of favorable container mix, enhancement in ancilliary services and increase in tariff rates.

Meanwhile, revenues from non-ports business contributed to the improvement in results with its 7.5 percent growth due mainly to higher volumes.

As volume and operational level increased, consolidated costs and expenses also grew but by only three percent to P2.75 billion from P2.67 billion, due to increases in fuel and utility costs.

Last year, ATI invested P223.8 million in port facilities and equipment.

As of end 2005, ATI’s consolidated liabilities amounted to P5.04 billion or slightly higher than the previous year’s P5 billion.

ATI manages the South Harbor Port of Manila. Its major competitor in the container business is International Container Terminal Services Inc. which operates the Manila International Container Terminal and on the non-containerized business, Harbour Centre, which operates a private commercial port at the northern end of the Manila North Harbor.

At the Port of Batangas, Luzon’s busiest port after Manila, ATI’s subsidiary (ATI Batangas Inc.) competes for cargo volume with private port operators PNOC-EB and Farmix and with ICTSI, which operates the Bauan International Port Inc.

ATI Batangas is the only terminal that handles containerized, ro-ro and passenger traffic in Batangas.