Listed firm Asian Terminals Inc. (ATI) yesterday reported its net income surged by 89 percent to P2.15 billion in the first half of the year, from P1.14 billion in the same period last year, driven by the sustained growth in its revenues.
Its revenues grew by 22 percent to P7.45 billion in the first semester from P6.10 billion a year ago, due to higher container volume recorded at the Manila South Harbor (SH) and Batangas Container Terminal (BCT).
Revenues from international containerized cargo at SH and BCT rose by 17 percent and 62.8 percent, respectively, on account of higher container volumes.
ATI Batangas also reported better revenues by 5.7 percent due to higher domestic roll-on and roll-off volumes and more passengers.
The company said government share in revenues for the first half of 2023 increased by 16 percent to P1.28 billion from P1.11 billion last year as a result of higher revenues, subject to port authorities’ share.
Cost and expenses in the first six months of 2023 amounted to P3.2 billion, up by 13.3 percent from P2.8 billion in the same period last year.
ATI has allocated P5.2 billion for capital expenditure (capex) this year that is 86 percent higher than last year’s P2.8 billion budget.
The higher capex this year will support the completion of the Batangas Passenger Terminal modernization project, expansion of existing port facilities, acquisition of additional modern equipment, implementation of smart IT systems, and execution of integrated logistics solutions leveraged on ATI’s port infrastructure.
ATI said the planned capex this year is part of its board of directors’ approved budget of P16 billion for the next three years that will be spent for yard and berth development as well as the construction of new facilities and equipment acquisition.
The capex will strengthen the group’s operations and capability to handle growth, the company added.
In line with its long-term sustainability, ATI said it explores new business growth drivers, including developing smart cargo storage spaces within and outside port zones and offering ancillary.
