ABOITIZ Transport System (ATS) posted consolidated revenues of P3.1 billion for the first quarter of the year, up 10% from P2.9 billion in the same period of 2009 due to the strong international ship chartering and supply chain management solutions businesses.
Despite this, ATS still posted a P141.9-million net loss for the quarter, mainly due to the 31% year-on-year increase in operating expenses to P2 billion.
ATS’s local freight business contributed P1.2 billion to consolidated revenues, 5% less than what was posted in 2009 due to lower freight rates. But volumes grew as the company maintained its 77% load factor.
The passage business operated at a limited capacity during the first quarter with three vessels dry docked and under maintenance, causing a P210-million reduction in revenues to P527.4 million.
By the second semester, the entire ATS fleet will become fully operational, joined by two recently bought SuperFerries. By then, ATS will see a 46% rise in freight capacity and 82% growth in passenger capacity vis-à-vis the first quarter.
Total operating expenses reached P2 billion for the first three months of the year, 31% more than last year largely caused by almost 50% higher fuel prices versus the same period in 2009.
