LISTED port operator Asian Terminals Inc. (ATI) saw its profits growing by over 15 percent in 2018, thanks to record cargo volumes in its ports in Manila and Batangas.
In absolute terms, the company booked a net income of P2.9 billion in 2018, a 15.8-percent increase from the P2.5 billion it netted a year prior, as its revenues rose at a similar pace to P12.3 billion.
The company’s revenue growth was driven by the robust performance of its international ports, namely the Manila South Harbor and Batangas Container Terminal. Combined, the two ports handled a container throughput of over 1.4 million twenty-foot equivalent units (TEUs).
Manila South Harbor accounted for 1.3 million TEUs of the total volume, representing a 6-percent increase year-on-year. The Batangas Container Terminal grew its volumes by 25 percent to 250,000 TEUs in 2018.
“In synergy, Manila South Harbor and Batangas Container Terminal have effectively supported the government’s drive for inclusive growth within and outside Metro Manila by continuously opening direct market connectivity and delivering competitive port services to shippers based in the country’s national capital and southern Luzon regions,” a company statement read.
It claimed the port in Batangas had contributed to the decongestion of Metro Manila roads, as the cargo volumes represent roughly 125,000 truck trips in Metro Manila.
For 2019, the company plans to further develop its ports through a P14.7-billion capital expenditure program. Both ports will see their berths and storage spaces upgraded, with additional container yards outside the port zones seen to be developed.
The spending program will also be used to acquire more cargo handling equipment and invest in innovations.
“By the second quarter, the expansion of Batangas Container Terminal will be fully completed, bringing its capacity from 350,000 TEUs to over 450,000 TEUs, annually. The terminal is now equipped with four quay cranes, eight rubber-tired gantry cranes and additional mobile container handling equipment,” the statement read.
Likewise, the company’s Santa Mesa container storage facility will be able to accommodate customs-cleared laden boxes this month. A new 5-hectare container depot outside the port of Manila is expected to be opened next month.