ATSC posts P92.7M loss in third quarter ABOITIZ TRANSPORT SYSTEM CORP. (ATSC) reported a slight improvement in its financial performance for the first nine months of the year posting a P6.3 million in total revenues. However, during the period, ATSC registered a net loss of P92.7 million. ATSC said this is due to the increase in overall costs and expenses, including finance cost. Its report to the Philippine Stock Exchange showed total costs and expenses hit P6.1 billion, 7% over the same period last year. The increase is largely attributable to the 19% rise in depreciation of ships and improvements. Total depreciation of ships and improvements reached P699 million for the period in review, up 19% from the same period last year. "Other factors contributing to the rise in costs and expenses include the 13% increase in terminal expenses and 6% rise in operating expenses as fuel prices excalate," ATSC said in the report. Consolidated assets at the end of the third quarter amounted to P9.2 billion, while total liabilities reached P5.1 billion. Total bank debt is approximately P2.6 billion, with no additional borrowings made during the period. Stockholders’ equity stood at P4.1 billion. Cash generated from operations amounted to P1.1 billion. The company internally funded its capital expenditures of P664 million and reduced debt by P362 million for the period. Cash and cash equivalents at the end of the nine-month period ending September 30, 2005 was at P205.7 million.
