Asian Terminals Inc. (ATI) yesterday reported
a consolidated net income for the first quarter of P176.5
million, 35 percent higher from the previous year brought by
higher port revenues and lower finance cost.
The consolidated revenues grew 5.3 percent to
close to P1 billion from last year’s P950 million.
Revenues from its port operations rose 8
percent to P901.4 million in the first quarter compared to the
same period last year of P834.2 million while revenues from non
port operations dropped to P98 million, or down by 15 percent,
brought by the exchange rate factor.
Revenues from South Harbor international
container grew 9 percent due to increase in volume by 6.2
percent.
The firm has made adjustments in the
conversion rate in computing vessel tariff on foreign
containerized cargoes to minimize the impact of exchange rate.
The Philippine Ports Authority approved the adjustment.
Based on the PPA memorandum circular 09-2007,
the conversion rate was adjusted from P53.50 per US dollar to
P47 and was further adjusted from P47 to P43 per US dollar based
on the recently approved memorandum circular 01-2008.
Revenues from the international non-container
operation grew 23.9 percent brought by the volume growth of
almost 7 percent plus the favorable commodity mix.
The domestic operation in South Harbor
dropped by 10 percent due to decrease in container volume by 9.5
percent.
The firm is expanding South Harbor because of
the anticipated growth in containerized market due to booming
manufacturing and construction business.
ATI chairman Bryan T. Smith said about 90
percent of P1 billion capital expenditures will be allocated to
South Harbor for replacement of equipments and enhancement of
service.
"We are confident that with our solid
development plan in place guided by our business agenda grounded
on efficiency and safety, and the unwavering support of our
board management and staff, ATI is on track to bolder gains and
greater corporate success in the years to come," Smith said.
During the period in review, consolidated
cost and expenses rose by 2.6 percent to P678.1 million which
includes labor cost that increase by 3.3 percent to P209.7
million, as a result of increase in compensation rates.
The rentals amounting to P31.6 million rose
by 23.3 percent due to higher equipment rental in relation to
the commodities that were handled.
"The company is affected by the local and
global trade environment. The factors that could cause actual
results of the company to differ materially include, but are not
limited to material adverse change in the Philippine economic
and industry conditions; natural events and material changes in
foreign exchange rates," it said.
South Harbor has new truck holding area and
is expanding the container terminal stacking yard and cargo
handling equipments. The civil works and infrastructure project
will start this year.
ATI has put investments of $300 million for
the South Harbor after the PPA approved its cargo handling
contract extension.
ATI reported a consolidated net income of P722.8 million last
year down by 7.6 percent from P782.6 million in 2006.
