Asian Terminals Q1 profit jumps 86.62% to P1.4 billion

ASIAN TERMINALS, Inc. (ATI) reported an 86.62% increase in attributable net income to P1.4 billion for the first quarter (Q1), driven by higher revenues resulting from volume growth at its key terminals.

Gross revenues rose by 36.6% to P4.74 billion in the January-to-March period from P3.47 billion a year earlier, as international container volumes continued to grow at its South Harbor and Batangas Container Terminal facilities.

ATI said revenues from South Harbor’s international containerized cargo increased by 40.6%, while revenues from Batangas Container Terminal climbed by 32.5%, both supported by higher container throughput.

However, the company noted that its Batangas operations saw lower revenues year on year due to a decline in domestic container volumes, roll-on/roll-off cargo, and passenger traffic during the quarter.

The government’s share of revenues surged by 50.63% to P908.3 million from P603 million last year.

ATI’s total expenses increased by 25.5% to P2.85 billion from P2.27 billion in the same period a year ago.

In March, ATI expanded its capacity at Manila South Harbor with the commissioning of two additional ship-to-shore (STS) cranes, aimed at improving handling capacity and operational efficiency.

These complement the terminal’s existing fleet of 11 STS cranes, rubber-tired gantries, and other cargo-handling equipment, aligned with its ongoing modernization efforts.

For full-year 2024, ATI handled nearly 1.6 million twenty-foot equivalent units (TEUs), reflecting a 4% increase from the previous year.

With recent infrastructure upgrades and new equipment deployment, ATI said it is now capable of handling close to 2 million TEUs annually.

On Wednesday, shares in ATI rose by 45 centavos, or 2.09%, to close at P21.95 each. — Ashley Erika O. Jose