COVID-19 economic slowdown impacts ATI results in Q1

May 15, 2020

The global economic slowdown triggered by the unprecedented COVID-19 worldwide pandemic has dampened the first quarter results of port operator Asian Terminals Inc. (ATI).

In a regulatory disclosure, ATI reported that its revenues for the first three months of the year reached Php2.6 billion, down by 28.9% from Php3.6 billion in 2019 on account of lower container volumes resulting from the negative economic impact of COVID-19.

During the first quarter, Manila South Harbor handled over 250,000 teus (twenty foot equivalent units) of international boxes while its Batangas Container Terminal handled over 61,000 teus, down by 20.8% and 18.8%, respectively as global and regional markets temporarily shuttered to mitigate the spread of the contagious virus.

ATI ended the quarter with a net income of Php472.5 million, lower by 57.5% from Php1.1 billion compared to the same period last year.

Amid the pandemic, ATI’s gateway ports have remained operational 24/7, joining frontline industries and supporting government agencies in ensuring the unhampered flow of food, medicines, medical supplies and other vital commodities in the supply-chain, especially at the time of the health emergency. 

While exercising prudent cost management, ATI also augmented its donations and community investment programs to help mitigate the impact of COVID-19 to its surrounding communities, resulting in higher other expenses which increased by 5% to Php60.7 million.

In line with its corporate sustainability program, ATI sent truckloads of rice and ready-to-eat canned goods through the social welfare unit of the City of Manila and distributed relief goods to surrounding port communities to help families remain afloat during the crisis.

ATI also made available its Passenger Terminal Building at Manila South Harbor’s Pier 15 as an added temporary COVID-19 quarantine facility for repatriated overseas workers in partnership with the Department of Transportation, Philippine Ports Authority, Philippine Coast Guard and other private sector donors. Pier 15 is also hosting two floating hospital vessels serving the same purpose.