In first nine months: ATI doubles net income to P1.66 B

Asian Terminals, Inc. (ATI), the country’s second top port operator, has doubled its net income posted in the first nine months of the year due to the strong performance of its core and non-core businesses.

Its total revenues have likewise increased significantly compared to the figure posted in the nine-month period of 2009.

Latest data from ATI showed that net income reached P1.665 billion or 100.9% higher than the P828.8 million posted in the same period last year. Earnings per share have likewise doubled to P0.83 from P0.41 last year.

The data also showed that income from continuing operations were up 61.6% to P1.188 billion during the period versus the P735.5 million registered last year.

Revenues for the period, on the other hand, ballooned by 23.6% to P3.407 billion from P2.756 billion. Its port operations contributed P3.326 billion or some 23.2% higher than the P2.701 billion posted last year while its non-port revenues increased by 45.7% to P81.2 million from P55.7 million in the same period last year.

In port operations, revenues from South Harbor international container were higher by 21.6% and international non-container were up by 69.4% due to increase in international trade at the Port of Manila. Revenues from South Harbor domestic terminal operations has also increased by 24.6% and revenues from Port of Batangas Phase I operations went up by 16.9%.

Cost and Expenses, meanwhile, swelled by 13% for the period in review to P1.770 billion from P1.566 billion in the same period last year. Labor costs increased by 10.5% to P619 million this year from P560.6 million last year due to volume factor.

Equipment running cost, on the other hand, also soared by 41% to P326.9 million from P231.8 million last year due to higher costs of electricity and fuel and lubricants as a result of increases in volumes and in prices and rates.

Other expenses for the period in review reached P315.2 million or 36.9% higher than the P230.2 million last year due to higher processing expenses such as brokerage, wharfage, security, health, environment and safety expenses and management fees, among others.

ATI’s income for income tax, meanwhile, went up by 57.5% to P1.611 billion from P1.023 billion for the same period last year. Provision for income tax of P423.3 million in the period increased by 47.1% from P287.6 million in the same period last year.

On August 9, 2010, ATI concluded the sale of its shares in the outstanding capital stock of Mariveles Grain Corporation (MGC) to Philippine Grain International Corporation at a price in excess of the companies recorded book value for MGC shares. ATI operated MGT under its non-ports segment, on behalf of MGC. ?