PHILIPPINE terminal operator Asian Terminals, Inc (ATI) reported a 30.9% drop in net income to P1.151 billion in the first nine months of the year from P1.664 billion year-on-year.
Total revenues declined 3.4% to P3.292 billion from P3.407 billion last year even with the 1.3% hike in revenue from the company’s South Harbor container operations. The latter was due to the favorable container mix and increases in revenues for storage and other services.
Revenues from domestic terminal operations grew 14.3% because of higher cargo volumes and passenger traffic.
On the other hand, revenues from international non-containers dropped 44.8% because of lower rice and steel volumes.
At the port of Batangas (Phase 1 or the domestic terminal), revenues dipped 13.5% or P37.6 million due to tepid volume.
Cost and expenses for the first nine months of the year inched up 0.8% to P1.784 billion from P1.770 million in the same period last year.
Equipment running costs advanced 9.7% to P358.5 million from P326.9 million due to the higher price of fuel, lubricant and electricity, including cost of equipment repairs and maintenance.
Labor costs decreased 3.9% to P595.6 million from P619.6 million mainly on account of volume.
Income before income tax of P1.617 billion was 0.4% higher than last year’s P1.611 billion. Provision for income tax grew to P466 million from P423.3 million.
Income from continuing operations amounted to P1.151 million, 3.1% less than P1.188 billion last year.
