ASIAN Terminals, Inc (ATI) doubled its net income to P1.665 billion in the first nine months of the year from P828.8 million in the same period last year.
Total revenues grew 23.6% to P3.407 billion from P2.756 billion year on year.
Revenue from port operations accounted for P3.326 billion of the total, 23.2% more than last year’s P2.701 billion. Non-port revenues jumped 45.7% to P81.2 million from P55.7 million in the same period last year.
Income from continuing operations soared 61.6% to P1.188 billion versus P735.5 million of last year.
Revenues from international container terminal operations of the South Harbor were higher by 21.6% and international non-container by 69.4% due to increased trade at the Port of Manila.
Income from South Harbor domestic terminal operations also grew 24.6% and from Port of Batangas Phase I operations by 16.9%.
Cost and expenses, meanwhile, rose 13% for the period in review to P1.770 billion from P1.566 billion. Labor costs increased 10.5% to P619 million from P560.6 million due to more volume that needed handling.
Higher expense on electricity, fuel and lubricants pushed up equipment running cost by 41% to P326.9 million from P231.8 million.
Other expenses for the period reached P315.2 million, up 36.9% from last year’s P230.2 million due to higher processing expenses such as brokerage, wharfage, security, health, environment and safety expenses and management fees, among others.
ATI also reported that on August 9, 2010, it concluded the sale of its shares in the outstanding capital stock of Mariveles Grain Corporation (MGC) to Philippine Grain International Corporation at a price in excess of the company’s recorded book value for MGC shares. ATI operated Mariveles Grains Terminal under its non-ports segment, on behalf of MGC.
