ATI income down 20% in 2020

MANILA, Philippines — Asian Terminals Inc. (ATI)’s net income plunged by a fifth last year due to lower container volume resulting from the negative economic impact of COVID-19.

The listed ports operator said its 2020 income reached P2.96 billion, down 20.4 percent compared to P3.71 billion in the previous year.

Revenues fell by 17.8 percent to P10.96 in 2020 billion from P13.33 billion in 2019 as container volumes at the Manila South Harbor and Batangas Container Terminal declined by 20.4 percent and 19.7 percent, respectively.

ATI ended 2020 with a volume of nearly 1.3 million twenty-foot equivalent units (TEUs) from 1.61 million TEUs in 2019, which was the highest in the company’s history.

The company said higher cargo volumes during the second half of last year compared to the first half of 2020 cushioned the negative impact of COVID-19 on its bottom line.

From July to December last year, ATI’s international gateway ports in Manila and Batangas handled over 700,000 TEUs in consolidated container volume, a 25 percent improvement from the performance in  the first half where volumes were heavily impacted by trade slowdown and economic lockdowns locally and globally due to the pandemic.

ATI executive vice president William Khoury said the company is optimistic for a stronger   2021 with the rollout of the government’s inoculation program, the lifting of government restrictions and the calibrated opening up of the economy.

“The COVID-19 pandemic has impacted businesses and industries around the world at unprecedented proportions. But with discipline, teamwork and prudent cost management, ATI has remained resilient, keeping our gateway ports viable and operational 24/7 which in turn, kept commodities and cargoes flowing especially during this pandemic,” Khoury said.