ATI earns P1B in 1st half

MANILA, Philippines - Net earnings of listed port operator Asian Terminals Inc. (ATI) rose eight percent in the first half of the year from a year ago amid higher revenues.

ATI’s net income hit P1.005 billion in the first-half, up from P933 million a year ago.

The higher net profit was achieved despite the challenging trade environment of slow import growth and reduced exports.

The firm’s revenues rose nine percent to P4.29 billion in the first six months of the year from last year’s P3.92 billion.

The latest revenue result was boosted largely by higher international containerized volume in Batangas.

Volume handled by the Batangas Container Terminal surged by more than 340 percent to 70,000 twenty-foot equivalent units from January to June period compared with last year’s level as it served Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon) and nearby regions.

Batangas Port also remained as South Luzon’s preferred gateway for domestic containerized cargoes, imported completely built-up car units as well as passengers with first-half volumes growing by 160 percent, 14 percent and eight percent, respectively.

The cargo volume in South Harbor which grew by 10 percent year-on-year as of end-June, also contributed to the latest revenue result.

ATI’s costs and expenses climbed six percent to P2.64 billion in the first-half of the year from P2.49 billion a year ago.

Labor costs posted a 16 percent uptick to P562 million this year from P487 million last year amid an increase in headcount to support higher volume and salary rate increases.

Payments for taxes and licenses went up 38 percent to P152 million in the first-half from P110 million in the previous year due to higher realty tax on account of additional areas and equipment.

Rental payments for forklift and cranes jumped 64 percent to P103 million as of end-June from P63 million in the same period in 2014 given higher volumes and additional space rentals.