Revenues of ATI jump 30% due to higher fees

MANILA, Philippines - Revenues of listed port operator Asian Terminal Inc. (ATI) jumped 30 percent in the first quarter of the year amid the decision of the state-run Philippine Ports Authority (PPA) to double storage charges on foreign containers.

ATI reported to the Philippine Stock Exchange (PSE) that its revenues amounted to P1.91 billion from January to March this year or P439.7 million compared to P1.47 billion in the same period last year.

The port operator said revenues in South Harbor international container operations jumped 37.3 percent due to higher volumes and higher storage revenues.

On the other hand, revenues of Batangas container terminal jumped 196 percent while revenues of the Port of Batangas increased by 43.4 percent due to higher container volume and Roro units as well as increased containers.

Meanwhile, the port operator said revenues from South Harbor international non-containerized operations dropped by 5.1 percent as it decided to discontinue the operations of the South Harbor domestic operations.

ATI said the company’s net income amounted to P360 million in the first quarter of the year or P39.7 million from P399.7 million in the same period last year.

Without the foreign exchange losses, ATI said its earnings would have gone up by 12.7 percent to P431.1 million in the first quarter of the year from P382.5 million in the same period last year.

The company has earmarked P2.2 billion this year to undertake its most aggressive investment program in over two decades particularly for the South Harbor in Manila and the Port of Batangas in Batangas.

The budget for this year would be used to finance the acquisition of more container-handling equipment, development of additional cargo storage and truck-holding areas, rehabilitation of piers and continuous upgrade of port systems and technologies.

 ATI said the funds for its capital expenditures this year would be sourced from internally generated funds as it prepares for greater growth ahead and in support of a steadily expanding Philippine economy.

It manages and operates the  South Harbor as well as the Inland Clearance Depot in  Manila,  Port of  Batangas, Batangas Container Terminal, and Batangas Supply Base. It also owns 35.71 percent of South Cotabato Integrated Port Services Inc, the existing cargo handling operator at the Makar Wharf in the Port of General Santos City.