Also approved by the SEC is the reclassification of ATSC’s 475,600 unissued redeemable preferred shares to common shares.
The Aboitiz Group consolidated all its transport and logistics businesses under ATSC as part of efforts to enhance operational and funding efficiencies.
Among the companies under ATSC are Aboitiz One Inc., Aboitiz Jebsen Bulk Transport Corp., Aboitiz Jebsen Manpower Solutions Inc., Jebsen Maritime Inc., and Jebsen Management Ltd.
ATSC reported a 13 percent drop in its 2004 net income to P310.5 million, mainly due to higher interest expenses. Revenues, however, rose seven percent to P8.2 billion from only P7.7 billion. Of this amount, passage revenues accounted for P3.7 billion or an increase of five percent from the 2003 figure. The increase in revenues was due to the strong marketing efforts of promoting higher value passenger accommodations.
Freight revenues likewise went up eight percent in 2004 from P4 billion to P4.3 billion. The increase was mainly due to the focus given to higher paying and higher yielding cargoes.
Consolidated assets increased four percent to P9.9 billion from P9.5 billion while liabilities amounted to P5.7 billion. Total bank debt, on the other hand, fell 10 percent to P2.8 billion.
ATSC presently enjoys more than 20 percent of the total market share for the passage business and about 40 percent of the freight. – Zinnia dela Peña