LISTED port operator Asian Terminals, Inc. (ATI) reported a 4.26% decline in third-quarter (Q3) attributable net income to P1.35 billion, citing higher expenses during the period.
For the three months ending September, ATI’s revenues jumped 17.01% to P5.09 billion from P4.35 billion in the same quarter last year, while gross expenses rose 13.58% to P3.01 billion from P2.65 billion.
For the January-September period, the company logged an attributable net income of P4.26 billion, up 34.38% from P3.17 billion a year earlier. Gross revenues for the first nine months expanded 24.37% to P14.70 billion from P11.82 billion, driven by higher container volumes at South Harbor international containerized cargo terminals and Batangas Container Terminal, which rose 26.6% and 16%, respectively.
Revenues from ATI Batangas also increased 16.4% on higher volumes of international roll-on/roll-off cargo and increased passenger traffic. The government’s share in ATI’s revenues for the nine-month period grew 30.52% to P2.78 billion from P2.13 billion, as higher revenues were subject to port authorities’ share.
Combined expenses for the period rose 19.89% to P8.74 billion from P7.29 billion in the same period last year.
In March, ATI expanded capacity at Manila South Harbor with the commissioning of two additional ship-to-shore (STS) cranes to improve handling capacity and operational efficiency. These complement the terminal’s existing fleet of 11 STS cranes, rubber-tired gantries, and other cargo-handling equipment, supporting the company’s ongoing modernization program.
For full-year 2024, ATI handled nearly 1.6 million twenty-foot equivalent units (TEUs), a 4% increase from 2023. With recent infrastructure upgrades and new equipment deployment, the terminal is now capable of handling nearly 2 million TEUs annually.
On the local bourse on Monday, ATI shares rose 35 centavos, or 1.09%, to close at P32.45 apiece. — Ashley Erika O. Jose