Philippine listed port operator Asian Terminals Inc. (ATI) reported a 6.3% drop in net income in the first nine months of 2015 to P1.308 billion from P1.395 billion year-on-year.
In a disclosure to the Philippine Stock Exchange, ATI said that excluding the foreign exchange gain attributable to concession rights payable, net income would have been P1.363 billion, or 2.9% higher than last year’s.
Revenue for the period was 3.1% higher, amounting to P6.133 billion from P5.947 billion in the same nine months of 2014. ATI attributed the increase to higher containerized volume in Batangas port, which was up by 106.7%; higher general cargo volume in Manila South Harbor, up by 9.7%; and higher domestic containerized volume, roll-on/roll-off units, and number of passengers in Batangas port, which rose by 96.5%, 16.2%, and 10.3%, respectively.
For the third quarter alone, net income fell 34.6% to P302.209 million from P462.243 million in the same period in 2014. Revenue likewise declined 8.8% to P1.846 billion from P2.024 billion last year.
The port operator said Batangas Container Terminal broke through the 100,000th twenty-foot equivalent unit (TEU) mark last October for the first time in a single year since its start-up in 2010. Encouraged by the good performance of Batangas, ATI said they are working on the extension of its quay length and deployment of additional quay cranes and rubber-tired gantries.
For this year, ATI is investing a minimum of P2.8 billion, to be followed by further investments worth P3.1 billion in 2016 and P2.1 billion in 2017, as part of its continued efforts to boost the capacity and efficiency of its gateway facilities.
