Asian Terminals Inc. (ATI) on Thursday reported net income falling 36 percent to P752.7 million in the first three months this year from year ago of P1.76 billion as the container business slowed.
Revenue for the period total only P3.47 billion, down 7.4 percent from a year earlier of P3.74 billion.
Earnings from South Harbor International containerized cargo and Batangas Container Terminal dropped from last year 5.1 percent and 20.3 percent, respectively, on account of lower container volumes.
Revenue from ATI Batangas proved 6 percent lower than last year on account of lower international roll-on, roll-off volumes partly offset by the higher number of passengers and domestic RoRo volume.
Government share in revenue for the quarter amounted to P603 million, down 7.9 percent from P654.9 million last year as a result of lower revenue subject to the port authorities’ share.
Cost and expenses for the quarter totaled P1.67 billion or 3.9 percent higher than a year earlier of only P1.60 billion.
ATI has set aside P2.7 billion as capital expenditures this year, higher than capex of only P2.2 billion in 2023.
“The capital investment will support the expansion of seaside and landside facilities, acquisition of more modern and greener equipment to boost its carbon reduction program, progression of its auto- gate infrastructure and other smart TI systems, and execution of integrated logistics solutions leveraged on ATI’s port infrastructure,” ATI said.
In line with its long-term sustainability, ATI is exploring new business growth drivers, including developing smart cargo storage spaces within and outside port zones, offering ancillary services anchored on its core construction of Cavite Barge Terminal which was completed in 2023, ATI reported.
