Asian Terminals Inc. (ATI) reported on Thursday a slight dip in net income for the first nine months of 2024, citing lower international container volume as the main factor behind the decrease.
For the January to September period, ATI’s net income reached P3.16 billion, down 1.4 percent from P3.21 billion during the same period in 2023. The company revenue, however, showed a positive trend, rising 3.4 oercent year-on-year to P11.81 billion, compared to P11.42 billion in 2023.
ATI attributed the growth in revenue to a strong performance at its South Harbor terminal, where international containerized cargo revenues increased by 11 percent. This uptick was driven by both higher container volume and a 6 percent tariff increase that took effect in August this year.
However, earnings from ATI’s Batangas Container Terminal and ATI Batangas were more subdued, down by 24.7 percent and 10.3 percent, respectively. The decline in these operations was primarily attributed to lower international container and Roll-on/Roll-off (RORO) volumes. These decreases were partly offset by a boost in passenger numbers and a higher volume of domestic RORO traffic.
ATI also reported a higher government revenue share during the period amounting to P2.13 billion, up 9.4 percent from the P1.94 billion in the same period last year. This increase was due to a higher volume of revenue subject to the port authority’s share.
Operating costs during the first nine months of the year rose by 5.7 percent to P5.16 billion, up from P4.88 billion in 2023, driven by increased operational expenses.
Looking ahead, ATI has earmarked P2.7 billion for capital expenditures in 2024, up from P2.2 billion in 2023. The company said the capital investment will focus on expanding seaside and landside facilities, acquiring more environmentally friendly equipment to enhance its carbon reduction efforts, and advancing its smart terminal infrastructure, including auto-gate systems and integrated logistics solutions.
“We are committed to advancing our port infrastructure and enhancing the efficiency of our operations,” ATI said in a statement. “These investments will not only strengthen our capacity but also align with our sustainability goals and smart technology initiatives.”
Despite the challenges, ATI remains focused on leveraging its port infrastructure to drive long-term growth and efficiency in the logistics sector.
