ABOITIZ Transport System (ATS) registered a net loss of P152 million for the first semester due to higher operating expenses and limited capacity.
While ATS ended the semester with consolidated revenues of P6.7 billion, up 8% from P6.2 billion in 2009, operating expenses grew 25% year-on-year to P6.9 billion. The company said average fuel prices reversed its trend and recorded a rise of 40% year-on-year.
Limited capacity also did not help as most of the company’s SuperFerry vessels and freighters were on regular maintenance and drydocking for the first half. The vessels are expected to be fully operational in the second half.
ATS’ local freight and passage businesses registered revenues of P2.5 billion and P1.5 billion, respectively, reflecting a 6% and 14% year-on-year decline.
The local freight business was weighed down by a 20% decline in average freight rates despite a 9% growth in volume.
Revenues from the passage business fell by P242 million from a year ago to P1.5 billion.
