Listed Asian Terminals Inc. (ATI) yesterday reported a 20 percent decline in net income for 2020 due to the the negative economic impact of the coronavirus disease 2019 (COVID-19), but is optimistic it will recover this year.
ATI’s income reached P2.96 billion last year, down from P3.71 billion in profit in 2019.
Revenues dropped 17.8 percent to P10.96 billion from P13.33 billion in 2019.
ATI said revenues from Manila South Harbor’s (MSH) international containerized cargo operations and Batangas Container Terminal (BCT) decreased by 16.9 percent and 20.2 percent, respectively, compared to 2019 on account of lower container volumes.
Container volumes at MSH and BCT fell by 20.4 percent and 19.7 percent, respectively.
“The COVID-19 pandemic has impacted businesses and industries around the world at unprecedented proportions. But with discipline, teamwork, and prudent cost management, ATI has remained resilient, keeping our gateway ports viable and operational 24/7 which in turn kept commodities and cargoes flowing especially during this pandemic,” said William Khoury, ATI executive vice president.
ATI handled higher cargo volumes during the second half of 2020 compared to the first half of the year amid signs of sustained trade recovery, cushioning the negative impact of COVID-19 on its bottom-line.
From July to December, ATI’s international gateway ports in Manila and Batangas handled over 700,000 twenty-foot equivalent units (TEU) in consolidated container volume, 25 percent higher than the first half where volumes were heavily impacted by trade slowdown and economic lockdowns locally and globally due to the pandemic.
ATI said it closed the year with a respectable volume of nearly 1.3 million TEUs, 19 percent lower compared to 1.6 million TEUs in 2019.
“With the rollout of government’s inoculation program, the lifting of government restrictions and the calibrated opening up of the economy, we are optimistic for a stronger year this 2021,” Khoury said.