MANILA, Philippines — Port operator Asian Terminals Inc. (ATI) saw its earnings slashed by 57.5 percent in the first quarter as the global economic slowdown triggered by the coronavirus disease 2019 or COVID-19 pandemic dampened its operations.
ATI ended the first quarter with a net income of P472.5 million. Revenues fell 28.9 percent to P2.6 billion on the back of lower container volumes.
Manila South Harbor handled over 250,000 twenty foot equivalent units (TEUs) of international boxes while its Batangas Container Terminal handled over 61,000 TEUs, down 20.8 percent and 18.8 percent year-on-year, respectively.
The decline was attributed to global and regional markets temporarily being shuttered to mitigate the spread of the virus.
Amid the pandemic, ATI’s gateway ports have remained operational 24/7, joining frontline industries and supporting government agencies in ensuring the unhampered flow of food, medicines, medical supplies and other vital commodities in the supply-chain, especially at the time of the health emergency.
ATI also augmented its donations and community investment programs to help mitigate the impact of COVID-19 to its surrounding communities, resulting in a five percent increase in expenses to P60.7 million.
The company made available its passenger terminal building at Manila South Harbor’s Pier 15 as an added temporary COVID-19 quarantine facility for repatriated overseas workers in partnership with the Department of Transportation, Philippine Ports Authority, Philippine Coast Guard and other private sector donors.
Pier 15 is also hosting two floating hospital vessels serving the same purpose.