Asian Terminals Inc. said net income fell by more than a fifth in the first nine months on higher operating expenses.
ATI said net income income in the nine-month period amounted to P1.5 billion, down 24 percent from last year because of volume-driven expenses, rising fuel price, sustained COVID resiliency measures and unfavorable foreign exchange rate impact.
Driven by higher cargo volume, ATI’S revenues increased 3.2 percent to P8.22 billion from P7.97 billion it posted in the same period last year.
The flow of international cargoes facilitated by Philippine trade enabler ATI remained bullish with volumes breaking through the one-million-TEU (twenty-foot equivalent units) mark by end of third quarter, reflective of sustained trade recovery.
ATI’s international gateway ports in Manila and Batangas handled over 810,000 TEUs and nearly 200,000 TEUs, respectively, indicating resilient growth since the novel health emergency disrupted global and local supply chains last year.