ATI earnings rise 17% in H1

MANILA, Philippines - Listed port operator Asian Terminals Inc. (ATI) saw net earnings rise 17 percent in the first semester from a year ago due to higher revenue.

In a report to the Philippine Stock Exchange ATI said its net income reached P1.19 billion in the first six months, up from P1.02 billion in the same period in the previous year.

The firm saw higher net profit as revenue grew 15 percent to reach P5.07 billion in the January to June period from P4.40 billion in the same period last year.

Higher volume of international containerized cargo handled by the ports in Manila and Batangas allowed the firm to generate higher revenue for the first semester.

The Manila South Harbor handled 550,000 twenty foot equivalent units (TEUs) as of end-June, while the Batangas Container Terminal (BCT) handled over 93,000 TEUs in the same period.

Costs and expenses for ATI also went up to P2.11 billion in the first semester from P1.96 billion a year ago due to higher costs, depreciation and amortization, as well as equipment running costs.

Even as it handled growing volumes, ATI executive vice president Andrew Hoad said the ports in Manila and Batangas are prepared for the peak season.

“Our international container ports in Manila and Batangas are performing at optimum production and utilization levels heading into the ‘ber’ months, the peak season for shipments,” he said.

“We have capacity for future volume growth,” he said.

Quay crane production at the BCT reached 31 gross moves per crane per hour (GMPH), while yard utilization was below 50 percent as of end-July.

As of the same period, crane production at Manila South Harbor reached 30 GMPH, while yard utilization remained at 70 percent.