Asian Terminals’ first half earnings down 46.3%

Listed ports operator Asian Terminals Inc. (ATI) saw a significant drop in its net earnings in the first six months of the year, blamed on the economic fallout from the COVID-19 pandemic.

In a regulatory filing, ATI said its net income dropped 46.3% to P1.15 billion from P2.14 billion a year earlier.

Revenues for the first half reached P5.05 billion, down 28.2% from P7.04 billion year-on-year “on account of lower container volumes resulting from the negative economic impact of COVID-19.”

ATI said that from January to June, the Manila South Harbor handled nearly 460,000 teus (twenty-foot equivalent units) of international boxes while its Batangas Container Terminal handled over 113,000 teus, both declining by 29% compared to the same period last year as global and regional markets continued to reel from the impact of the contagious virus.

On a positive note, the ports operator has seen signs of trade recovery with its consolidated volume breaching the 100,000 teu-mark in June, representing a 22% volume increase from the month prior.

The trend was sustained in July with volume hitting nearly 117,000 teus, for a 16% month-on-month growth, it said.

ATI executive vice president William Khoury said “our company’s prudent cost management, the careful execution of day-to-day operations which is anchored on safety and efficiency, and our continuing investment on important port infrastructure projects will enable us to remain resilient amid these challenging times.”

“Through these initiatives, we will sustain the steady flow of trade and ensure the safe passage of people and cargoes through our gateway ports, serving as our contribution to stimulating the Philippine economy,” Khoury added. — BM, GMA News