In a financial report submitted to the Philippine Stock Exchange, ATSC said consolidated revenues fell nine percent even as its freight revenues increased by 11 percent.
ATSC said revenues dropped mainly because earnings from the international charter business under unit Jebsen Management BVI Ltd. declined due to unfavorable market conditions.
In line with its strategy to increase revenue contribution from its freight business, ATSC had chartered a 400-TEU (twenty-foot equivalent unit) container ship to replace sold tonnage, reduce costs and capture cargo markets that cannot be served by the SuperFerries.
The company has also recently firmed up its plan to charter out its SuperFerry 19 to an operator in Papua New Guinea.
Despite rising fuel prices, ATSC was able to continue lowering its total costs and expenses as a result of the various cost-cutting initiatives put in place as early as two years ago.
During the period under review, the company cut down its expenses by nearly P300 million, or three percent.
As of end-September this year, ATSC’s interest bearing debt stood at P3.1 billion, P498 million lower from the previous year while cash and cash equivalents stood at P690.7 million.
Consolidated assets reached P10.6 billion while stockholders’ equity stood at P4.1 billion.
ATSC is the shipping unit of Aboitiz Equity Ventures Inc., the publicly-listed holding and investment management company of the Aboitiz family.
Aside from its shipping business, Aboitiz Equity is also engaged in electricity generation and distribution, banking and financial services, and food production.