ASIAN Terminals, Inc. (ATI) almost doubled its net income for the first quarter of the year, thanks to the strong performance of its container and non-containerized businesses.
The South Harbor operator reported a 43.5% increase in income to P324.9 million from January to March from P226.5 million in the same period last year.
Total revenues grew 24.9% to P1.167 billion from P934.4 million.
Revenues from port operations rose 34.3% to P1.074 billion from P800.5 million last year.
Lower volumes and unfavorable foreign exchange rates, on the other hand, dragged down revenues from non-port operations by 31% to P92.5 million from P134 million.
At the South Harbor, revenues from international container operations were up 28.2% and non-container, by 143.5%.
Revenues from Port of Batangas Phase I operations were also higher by 72.5% and from South Harbor domestic terminal operations by 3.2%.
Cost and expenses for the period in review grew 21.7% to P698.3 million from P573.9 million.
Labor costs inched up 13.5% to P217 million this year from P191.2 million last year.
The first-quarter equipment running cost of P111 million was higher by 21% due to increased prices of fuel and lubricants, equipment repairs and maintenance in support of operational requirements. Rentals of P39.8 million rose 36% due to volume and commodity-related equipment rentals.
Other expenses totaled P160.6 million, 84.5% higher than the P87 million posted in the same period last year due mainly to increases in general transport expenses, professional fees, claims, travel, brokerage and other processing costs and management fees.
Earnings before tax of P460.2 million were 45.4% more than the P316.5 million in the same period last year.
For 2009, ATI saw its net income grow 36.6% to P1.162 billion compared with the P851 million posted in 2008.
