ASIAN Terminals, Inc (ATI) posted a 75.4% increase in net income to P912.1 million for the first half of the year from P519.9 million in the same period last year.
The South Harbor Port operator also saw higher revenues of P2.50 billion from P2.03 billion.
Revenues from port operations grew 30.1% to P2.28 billion from P1.75 billion last year due to positive performance of key ports.
On the other hand, lower volumes and unfavorable foreign exchange rates caused a 21.1% dip in revenues from non-ports operations to P219 million from P278 million.
Earnings from the South Harbor international container were up 29.8% and international non-container up 105.8% mainly on account of the improvement in international trade at the Port of Manila.
ATI said the two-tranche 15% increase in cargo-related services for foreign containerized and non-containerized implemented fully at South Harbor at the start of the year helped boost revenues.
Revenues from Batangas Phase I operations grew 8% and from South Harbor domestic operations by 9.4%.
Cost and expenses for the period in review amounted to P1.424 billion, 17.5% higher than the P1.211 billion posted in the same period last year.
Labor cost rose 14.6% to P458.2 million from P400 million mainly because there were more volumes to handle. Depreciation and amortization increased 11.2% to P273 million from P245.4 million due to higher component depreciation.
Equipment running costs of P215.7 million in the first half were higher by 16.8% compared to P184.7 million in the same period last year on account of hikes in electricity and fuel and lubricants usage caused by volume and rate factors.
Equipment repairs and maintenance also rose this year in support of increased operational requirements.
This year’s taxes and licenses of P87.2 million were up 7.2% compared to the P81.4 million last year mainly due to higher real property tax.
Other expenses grew 49.9% from P200.1 million to P300.1 million due to higher general transport expenses, facilities-related expenses, processing expenses, demurrage and management fees, among others.
