SLUGGISH performance of non-containerized operations and of Batangas Port clipped Asian Terminals, Inc’s (ATI) first-half net income by 14.2% to P782.2 million from P912.1 million in the same period last year.
The Philippine port operator’s revenues also fell 5.4% to P2.213 billion from P2.339 billion.
At South Harbor, volumes were lower year-on-year. Revenues from international containers were on the same level as 2010’s while revenues from domestic operations rose 18.7% as a result of higher cargo volume and passenger numbers.
A decrease in volume of rice and steel shipments cut revenues from international non-containers by 50%.
Lower volume also slashed revenues from the Port of Batangas Phase I (domestic terminal), south of Manila, by 12.8%.
From January to June, cost and expenses totaled P1.202 billion, up 3.8% from P1.158 billion in the same period last year due to higher equipment running cost, depreciation and amortization fees, taxes and licenses, security and environmental concerns, insurance cost and general transport cost.
Labor cost, however, slipped 4.9% to P399 million from P419 million as a result of lower volumes.
Income before tax reached P1.100 billion or 5.2% lower than last year’s P1.161 billion.
Provision for income tax decreased to P318.4 million from P336.9 million.
Income from continuing operations amounted to P782.2 million, down 5.1% from P824.3 million.
This year, ATI earmarked P3 billion for capital expenditures, of which P2 billion will be for facilities improvement and the rest for acquisition of ports under the Public-Private Partnership project of the Aquino administration.
