Higher cargo, passenger volumes push ATI income close to P668M

LISTED port operator Asian Terminals, Inc. (ATI) saw its third-quarter attributable net income grow 77% to P667.6 million from P376.3 million in the same period a year earlier, primarily driven by higher cargo and passenger volumes.

In its latest quarterly report, the company said its revenues for the period reached P3.7 billion, up 32% from P2.8 billion in the same period last year. Expenses went up 21% to P2.3 billion from P1.9 billion previously.

The company operates the Manila South Harbor, Port of Batangas, Batangas Container Terminal, and off-dock yards in Sta. Mesa, Manila and Calamba, Laguna.

For the January-to-September period, the company saw its attributable net income rise 20% to P1.8 billion from P1.5 in the same period a year ago.

Revenues for the nine-month period reached P9.8 billion, up 20% from P8.2 billion previously. Total expenses increased 13% to P6.2 billion from P5.5 billion in 2021.

The company saw its revenues from international container operations in Manila and Batangas increase by 16.8% and 5.7%, respectively.

Revenues from non-container operations in Batangas were higher by 68.0% “on account of the strong influx of international rolling cargoes and the robust increase of passenger foot-traffic through the modern Batangas Passenger Terminal with the easing of Covid-19 travel restrictions,” ATI said.

The Batangas Port, a car carrier terminal, handled the “resurgent imports” of major car manufacturers and distributors, which reached nearly 170,000 completely built units, representing an 80% year-on-year growth, according to the company.

The company also said that the Batangas Passenger Terminal, a modern interisland transport hub, facilitated the transit of more than 1.6 million outbound passengers, 252% higher compared with the earlier year.

“ATI unveiled a bigger, better, and smarter Batangas Passenger Terminal in June equipped with world-class facilities such as an expansive and fully-airconditioned passenger lounge, orderly ticketing offices, clean and gender-neutral restrooms, provisions for free wi-fi and clean drinking water, and mobility features for the elderly and differently-abled, among others,” it added.

Meanwhile, the company’s Manila South Harbor and Batangas Port handled a consolidated volume of over one million teus or (twenty-foot equivalent units from January to September.

This reflects “modest growth with indicators of sustained volume acceleration into the Holiday season,” ATI said. — Arjay L. Balinbin