Asian Terminal Inc. yesterday said its profit grew by 30 percent in the first nine months of the year driven by higher container volumes in Manila South Harbor (MSH) and Batangas Container Terminal (BCT).
ATI, in a financial report submitted at Philippine Stock Exchange, said its net income stood at P2.85 billion for the first nine months of the year higher than the P2.2 billion net income the company posted in the same period last year.
Earnings per share this year was P1.43 from last year’s P1.09.
Revenues went up by 15 percent to P10.2 from P8.9 billion in the same period last year as revenues from Manila South Harbor’s international containerized cargo operations and Batangas Container Terminal increased by 9.6 percent and 63.8 percent, respectively, on account of higher container volumes which also grew by 12.3 percent and 38.7 percent.
From January to September, MSH handled a record volume of over 960,000 twenty-foot equivalent units (TEUs), higher by 12.3 percent compared to last year.
Sustaining its role in facilitating cargo flows in Southern Luzon, BCT already equaled its full-year 2018 volume as of September, as it facilitated the delivery of nearly 250,000 TEUs for the nine month period representing a 38.7 percent growth.
With the Holiday season fast approaching, ATI expects no cargo flow bottlenecks with expansion programs in its gateway ports in Manila and Batangas taking traction in support of the growing Philippine economy.
In MSH , ATI recently added around 5,000 TEUs in static cargo space with the completion of its Container Yard 2 extension, which has a total of five blocks for rubber-tired gantry (RTG) operations.
A further capacity of 10,000 TEUs is expected to be delivered from 2020 to 2021 with the ongoing expansion of its main yard and the scheduled extension of its berthing facilities in Pier 3.
Early this year, BCT effectively doubled its annual capacity to around 500,000 TEUs, with the deployment of two more quay cranes, four additional RTGs and the expansion of its berthing and yard facilities.
ATI said that all these investments, in line with its commitment with the Philippine Ports Authority (PPA), will sustain efficient terminal operations for the benefit of its shipping line customers and beneficial cargo owners.
Meanwhile, the company’s cost and expenses rose by 16.5 percent to P4.2 billion in the first nine months of 2019 from P3.6 billion in the same period last year.