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ATI posts lower 1H results, sees signs of trade recovery

August 13, 2020

Philippines' trade enabler Asian Terminals Inc. said that its results for the first half of the year have tapered off amid the economic contraction triggered by the unprecedented COVID-19 pandemic but is seeing signs of trade recovery past the second quarter. 

In a regulatory disclosure, ATI reported that its revenues for the first six months of the year reached Php5.05 billion, down by 28.2% from Php7.04 billion in 2019 on account of lower container volumes resulting from the negative economic impact of COVID-19.

From January to June, 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, declining by an identical 29% compared to the same period last year as global and regional markets continued to reel from the impact of the contagious virus.

ATI ended the first half with a net income of Php1.15 billion, lower by 46.3% from Php2.14 billion compared to the same period last year.

A week ago, government economic managers reported that the Philippines suffered its deepest contraction on record during the second quarter amid one of Asia’s strictest lockdowns against the coronavirus which in turn resulted in restricted movements and weaker consumption.

On a positive note, the listed port 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.

Looking ahead, ATI executive vice president William Khoury echoed optimism, saying that “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 in 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.