MANILA, Philippines - Publicly-listed port operator Asian Terminals Inc. (ATI) booked a 13.1 percent increase in net income in the first quarter of the year on the back of strong growth in international trade.
In a disclosure to the Philippine Stock Exchange (PSE), ATI said its net income amounted to P396.1 million while revenues climbed 4.4 percent to P1.13 billion from January to March this year.
“The increase was driven mainly by growth in international trade, prudent cost management and higher port revenues,†ATI said in a statement.
ATI said that revenues from its international operations in Manila South Harbor increased by 7.8 percent due to higher volumes and favorable unit rates while revenues from its Batangas Port surged 23.7 percent on account of higher volumes.
The higher revenues in Manila and Batangas erased the volume drop of cargoes and passengers at South Harbor’s domestic operations.
ATI is spending P1.8 billion for its capital expenditures this year involving additional infrastructure as well as acquisition of new equipment to cope with the growth in volume.
The company’s expansion program involves the completion of Pier 3’s container stacking area, conversion of additional container yards within the Manila South Harbor expanded port zone and the acquisition of additional port equipment.
The company is also acquiring two gantry cranes for South Harbor by mid-year.
“These developments form part of ATI’s investment commitments with the Philippine Ports Authority (PPA),†the port operator said.
ATI is raising the capacity of South Harbor to 1.2 million 20-footer-equivalent units (TEUs) this year from about one million last year as it ensures its modern facility efficiently and sufficiently supports the growing trade requirements of companies in and around Metro Manila where majority of the country’s economic activities transpire.