Asian Terminals suffers 39% income drop in 2003

Port operator Asian Terminals Inc. reported a 39-percent drop in its net income last year to P389.5 million, from P640.67 million in 2002 due to expenses incurred for the expansion of its facilities.

In a statement issued yesterday, ATI said revenues from ports and non-ports businesses remained steady at P3.58 billion in 2003, from P3.52 billion a year earlier.

South Harbor at the Port of Manila continued to be the major driver of ATI’s business, handling a seven-percent growth in container volume from 614,309 TEUs in 2002 to 656,625 TEUs in 2003.

A TEU, or 20-foot equivalent unit, is the standard shipping size container.

ATI said additions to cost of port facilities and equipment increased by P408 million in 2003, compared to only P82.84 million incurred in 2002.

ATI expanded port facilities at the South Harbor, acquired cargo handling equipment for the Port of Batangas, and invested in training and equipment in preparation for the compliance to the ISPS (International Ship and Port Facilities Security) Code under the IMO (International Maritime Organization).

ATI also completed the development of the Eva Macapagal Super Terminal, with its 2,878-square meter passenger terminal building, six ramps for roll-on, roll-off (Ro-Ro) operations and a three-hectare container yard. Full revenue contributions are expected to be achieved during the first quarter of 2004 when all new berths at the domestic terminal will be available.

The company also completed the construction of a new off-dock customs bonded warehouse for the Bureau of Customs. Equipped with modern security equipment and two elevated ramps, the new warehouse will not only provide improved security of cargoes but will also reduce the activities associated with handling security cargoes in the port, thereby considerably enhancing the safety of personnel in South Harbor. – Zinnia dela Peña