Signs of trade recovery lifts ATI results in Q1

May 14, 2021

Listed trade enabler Asian Terminals Inc. (ATI) handled improved cargo volumes during the first quarter of 2021 amid signs of trade recovery, lifting its results for the period.

In a disclosure to the local bourse, ATI said it ended the quarter with revenues amounting to Php2.72 billion, 5.5% higher thanPhp2.58 billion last year, while operating against a challenging market backdrop due to the Covid-19 pandemic.

Compared to first quarter last year, revenues from ATI’s international containerized cargo operations in Manila South Harbor and Batangas Container Terminal increased by 9.0% and 7.6%, respectively, mainly on account of higher container volumes.

ATI’s three-month net income stood at Php562.9 million,19.1% higher than last year’s Php472.5 million owing to continued cost savings initiatives started during the second quarter of 2020 as well as the implementation of the CREATE Law which reduced the income tax rate from 30% to25%.

From January to March, ATI’s international gateway ports in Manila and Batangas handled over 327,000 teus (twenty-foot equivalent units) in consolidated container volume, an increase of 5% from the same period last year.

Meanwhile, to sustain its resilient port operations ATI is spending around Php6.0 billion in capital investment this year to bankroll ongoing port expansion and modernization projects in Manila and Batangas and to explore new growth opportunities.

This includes the current upgrade of the Batangas Passenger Terminal and the ongoing yard expansion and extension of berth facilities in Pier 3 of Manila South Harbor. Early this year, ATI took delivery of five brand new rubber-tired gantry cranes, effectively increasing Manila South Harbor’s fleet by 22% to 28 units.

ATI’s investment programs on vital portinfrastructure are in line with its commitment with PPA and in support of thepost-pandemic resurgence of the Philippine economy.