Philippine port operator Asian Terminals, Inc (ATI) posted a small decline in net income in the first half of the year, due in part to the slower performance of South Harbor, its flagship terminal.
Net income was 0.4% lower at P779 million versus P782.2 million year-on-year. Revenues, however, grew 3.4% to P2.287 billion from P2.213 billion.
Revenues from South Harbor international container operations rose 4.3% year-on-year, or P74.6 million, due to higher volumes and an increase in vessel-related charges. Revenues from South Harbor domestic terminal operations, however, fell 15.1% or P27.8 million due to a decrease in cargo volumes as well as passenger numbers; revenues from South Harbor international non-containerized cargoes likewise decreased, by 6.6% or P6.4 million due to a fall in steel cargo volumes.
The decline in South Harbor domestic terminal operations, however, was partly offset by the rise in Port of Batangas Phase 1 revenues, which was up 31.4% or P52.4 million, helped by higher volumes.
ATI registered a year-on-year increase in cost and expenses of 3.4% to P1.243 billion from P1.202 billion.
Pre-tax profit in the first half reached P1.088 billion, down 1.1% from P1.100 billion. Provision for income tax for the period of P309.4 million was 2.8% lower than the P318.4 million for the first half of 2011.
ATI earlier said it was increasing its capital expenditure for the year by P756 million, which would be used to buy two additional quay cranes as part of plans to expand the cargo-handling capacity of South Harbor. This capex increase comes on top of the previously announced programmed capex of around P1.4 billion, mostly for investment in the crane rail extension of Pier 3 of South Harbor to increase its berthing capacity.
ATI plans to expand terminal capacity to more than 1 million twenty-foot equivalent units from the current 950,000 TEUs.
Photo courtesy of Asian Terminals, Inc
