Port operator Asian Terminals Inc. (ATI) reported a net income of P1.111 billion in the first quarter of 2019, up 91% from the P581.9 million posted in the same period last year due to more volumes handled.
Revenues for the first quarter of this year grew 37% to P3.628 billion from P2.647 billion year-on-year, the port operator said in a disclosure to the Philippine Stock Exchange.
Revenues from its operations at Manila South Harbor and Batangas Container Terminal (BCT) increased against last year’s by 29.5% and 118.8%, respectively, on account of higher container volumes, which grew by 20.4% and 42.1%, respectively.
Costs and expenses rose 14% to P1.323 billion from P1.160 billion as costs relating to labor, depreciation and amortization, and equipment, among others, increased.
ATI is spending P14.7 billion for 2019-2020 to develop more berths and storage spaces at its Manila and Batangas ports, establish additional container yards outside the port zones, acquire more cargo handling equipment, and invest in innovations to support the expected increase in volumes.
The port operator recently inaugurated its second berth at BCT that increased the port’s annual capacity to 500,000 twenty-foot equivalent units. The terminal is also now equipped with four quay cranes, eight rubber-tired gantry cranes and additional mobile container handling equipment.
ATI’s Sta. Mesa container storage facility is also currently able to accommodate Customs-cleared laden boxes, and last April the port operator opened its new five-hectare container depot in Laguna.
Last year, ATI inaugurated its new multi-level car storage facility, which increased Batangas port’s capacity, enabling it to handle 5,400 completely built vehicles.
In the next few months, ATI will be breaking ground for its new passenger terminal, expected to be operational by 2021.
