Philippines ATI profit plunges 29.3pc as rice, steel imports slump

2012 03 13


THE Philippines port operator Asian Terminals Incorporated (ATI) saw profits fall 29.3 per cent last year to PHP1.52 billion (US$35.8 million) from PHP2.15 billion in 2010.

At the same time, revenue slid by 3.1 per cent to PHP4.39 billion from PHP4.53 billion in 2010, Manila's Business World reported.

Officials of ATI could not be immediately reached to elaborate on the 2011 results and its financial statement has not yet been made available, said Business World.

In reporting its nine-month results earlier, however, the port operator had pointed to a 44 per cent drop in international non-containerised shipments reportedly due to lower rice and steel imports.

In contrast, port operator International Container Terminal Services Incorporated (ICTSI) last week said it ended 2011 with a 33 per cent increase in net income to $130.5 million on improved performance of its terminals globally.

But ATI said it is working to achieve growth. "Asian Terminals is constantly expanding its port facilities and further improving the efficiency of its operations through the acquisition of state-of-the-art equipment and technologies," the company said.

"Asian Terminals is also expanding the quay length of Pier 3, its container yard, and is adding two more rubber-tyre gantries to increase the annual throughput capacity of Manila South Harbour near the one million TEU mark," said the company that operates South Harbour.

Source Shipping Gazette - Daily Shipping News
 

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