At the ports: ATI lifts earnings, Chelsea cuts losses

MANILA, Philippines — Port operator Asian Terminals Inc. (ATI) has reaped the fruits of investments it recently made in its projects, hiking its income by 87 percent in the first quarter.

Based on its financial report, ATI said its profit ballooned to P1.4 billion in the first quarter from P752.7 million a year ago, as revenue went up by 37 percent to P4.74 billion.

ATI expanded container operations by 41 percent in the Manila South Harbor and by 33 percent in the Batangas Container Terminal, fueled by more cargo volume in both projects.

Collectively, ATI said the Manila South Harbor and Batangas Container Terminal handled more than 430,000 twenty-foot equivalent units between January and March. The Manila South Harbor facilitated a monthly average of 117,000 TEUs during the period, a trend last seen before the pandemic.

ATI recently completed upgrades for the Manila South Harbor, delivering on its P5.7-billion commitment to the Philippine Ports Authority. This was bannered by the expansion of Pier 3, as ATI bought new ship-to-shore cranes to increase the terminal’s equipment fleet to 11 units.

The Manila South Harbor’s annual throughput has thus increased by more than 30 percent to two million TEUs currently, from 1.45 million TEUs previously.

ATI said the Manila South Harbor is now able to dock bigger vessels and more cargoes, allowing the terminal to contribute in boosting international trade.

Still in the shipping industry, Chelsea Logistics and Infrastructure Holdings Corp. slashed its net loss to P41 million in the first quarter, from P148 million a year ago.

Broken down, Chelsea increased its revenue by 17 percent to P2.09 billion, and this neutralized the 16-percent hike in expenses to P1.7 billion. The logistics arm of the Udenna Group attributed the revenue growth to the expansion of all its business segments, except for tugboats.

Chelsea’s freight segment maintained its role as the largest contributor to revenue, accounting for 48 percent. Chelsea said both its freight and passenger volumes went up, and this was supported by better returns on higher rates.

Chelsea also pushed up earnings from logistics, chartering and passage by 15 percent, 20 percent and 54 percent, respectively.

“Ongoing strategic initiatives, such as asset optimization and vessel deployment to higher-yield routes, helped address vessel availability issues,” Chelsea said.