ABOITIZ Transport System (ATS) will issue five-year corporate fixed-rate notes worth P2 billion. The proceeds of the issuance will be used to finance vessel acquisition as well as for working capital purposes.
Beginning 2006, ATS sold ships at peak prices. But in the last two years the company purchased 10 vessels, taking advantage of the trough in vessel prices.
“We will start seeing the result of these more efficient vessels once we have them fully operational,” ATS chief finance officer Lilian Cariaso said.
In the first three months of the year, ATS posted a 10% increase in consolidated revenues due to its strong international ship chartering and supply chain management solutions businesses.
For the period in review, consolidated revenues reached P3.1 billion or P286 million higher than the P2.9 billion posted last year. Net losses amounted to P141.9 million.
