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Asian Terminals net profit climbs 96% to P1B as revenues surge

ASIAN TERMINALS, Inc. (ATI) posted a 96% jump in net income attributable to equity holders to P1.18 billion in the first quarter from the P601.18 million it booked in the same period last year.

During the quarter, the company recorded revenue growth of 29% to P3.75 billion from P2.9 billion in the same period in 2022. Net of the government’s share in revenues, the company generated P3.09 billion, up 30% from P2.38 billion a year ago.

In its latest quarterly report, the company said that revenues from South Harbor International Containerized Cargo and Batangas Container Terminal increased from last year by 26.9% and 46.9%, respectively, on account of higher container volumes.

“Moreover, revenues from ATI Batangas were higher than last year by 21.1% on account of higher Roro (roll on/roll off) volumes and higher number of passengers,” it said.

The company’s cost and expenses grew by 16.2% to P1.61 billion in the first three months of the year, from P1.38 billion last year.

Labor costs during the quarter rose 10% to P436.2 million from P396.3 million last year due to a salary rate increase, while equipment running costs went up by 8% to P194.2 million from P179.8 million due to higher fuel costs and higher electricity resulting from higher consumption and increase in rates.

The company recognized a finance income of P42.1 million, an over 18 times jump from the P2.3 million booked in 2022 as it earned higher interest rates on money market placements and a higher cash balance during the quarter.

Finance costs were lower, amounting to P113.5 million, down 11.8% from P128.7 million a year ago.

The company also booked P137.1 million in other income during the quarter, reversing the P76.4 million in other expenses last year, which it attributed to unrealized foreign exchange gain following the appreciation of the local currency versus the dollar.

On Friday, ATI shares climbed eight centavos or 0.54% to P14.78 each. — Justine Irish D. Tabile

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