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THE
PROFIT of port operator Asian Terminals Inc. (ATI)
surged during the first three months of the year,
reflecting lower finance cost and the company’s success
in paring losses from a strong peso.
In a
disclosure, the company said its net income from January
to March rose to P176.5 million, up 35 percent from
P130.8 million a year earlier.
Consolidated revenues surged to almost P1 billion from
P949.1 million in the same period last year, as cash
from flagship Manila South Harbor international
container terminal increased by 9 percent on account of
a 6-percent growth in volume.
The
company said its loss from the appreciation of the peso
to the dollar was P2.8 million from P25 million, with a
little help from the Philippine Ports Authority (PPA).
Last
September, the PPA as owner and regulator of various
port facilities in the country has pegged the foreign
exchange rate to P47 per $1 from P53.50. On January 18,
the authority again allowed the rate to be pegged at P43
and the terminal to increase tariff rates.
As a
result, most of ATI’s core operations improved,
including revenues from the international noncontainer
division that increased by 24 percent as a result of a
7-percent volume growth and favorable commodity mix.
Domestic
container volume, however, decreased by more than 9
percent and resulted in a 9-percent decline in revenues
from the division.
Consolidated cost and expenses for the period surged to
P678.1 billion, up from last year’s P661 million, mostly
as a result of the increases in labor cost as a result
of the increase in compensation rates.
Consolidated finance cost dropped 24 percent to P75.1
million from P98.3 million following a reduction in
interest bearing loans to P2.45 billion.
This
year the company said it has allotted P975 million for
capital expenditure. About 90 percent of the allotment
will go for the planned cargo-handling equipment and
civil works for the expansion of South Harbor.
“Funding
is expected to be sourced from internal funds and new
borrowings,” the company earlier said.
Officials earlier said the amount is part of the $50
million in commitments to the government to develop the
Manila South Harbor for its first contract that will
expire this year.
ATI also
said it is diversifying its asset portfolio—after losing
in various port biddings—and hinted they may form a
partnership with minority owner Dubai Ports World to bid
for various ports available abroad for privatization.
“We may
even look at foreign ports with our partner Dubai Ports
World. Anything that is interesting for us, with our
partner [we will pursue],” president Eusebio Tanco said
earlier.
ATI
currently operates both the domestic and international
terminals of Batangas Port and Mariveles Grains Terminal
in Bataan, among others. |
