ABOITIZ TRANSPORT SYSTEM (ATS) posted a 5% increase in revenues for the second quarter of the year to P2.6 billion. The company also registered a 4% hike in net income after tax of P330 million compared to the figure posted a year earlier.Lilian Cariaso, ATS chief finance officer, said the increase is largely attributable to the 51% and 11% increase in passage and freight volume, respectively, and the 10% and 4% rise in rate per passenger and rate per twenty-foot equivalent unit (TEUs), respectively.
Cariaso added that the company also registered improved performance over the previous quarter. For the first half, ATS recorded P4.4 billion in revenues and P162.8 million in net income after tax. Total costs and expenses, on the other hand, increased 9% over the same period last year due to the 7% rise in operating expenses. Cariaso said this was caused mainly by the increase in fuel prices. "The company is currently working on several initiatives to continuously bring down this cost component."
Consolidated assets for the period in review amounted to P9.5 billion, while total liabilities reached P5.1 billion.Total bank debt totaled P2.6 billion. Stockholders’ equity stood at P4.3 billion.Cash generated from operations, according to Cariaso, amounted to P559.7 billion and cash and cash equivalents as of the end of the first half was at P242.4 million.
