Asian Terminal Inc’s (ATI) net income rose by double digits in the third quarter due to a one-time gain and the recovery of international trade, reported the Philippine News Agency.
In a disclosure to the Philippine Stock Exchange, the port operator said its net income went up by 88.84 percent to US$17.22 million, up from $9.12 million in the same period last year.
From January to September, ATI's net profit rose 110.9 percent to $38.18 million from $18.95 million in the same period last year.
The company's revenues grew 23.6 percent to $77.95 million in the first nine months compared to $63.09 million last year.
Of the total, earnings from ports operations amounted to $76.12 million, while revenues from non-ports operations amounted to $1.86 million.
In ports operations, revenues from South Harbor international container were higher by 21.6 percent and international non-container were up by 69.4 percent due to increase in international trade at the Port of Manila.
Earnings from South Harbor domestic terminal operations increased by 24.6 percent and revenues from Port of Batangas Phase 1 operations went up by 16.9 percent.
ATI also posted a gain of $7.46 million from the sale of Mariveles Grain Corp. MGC stopped commercial operations last year.
The grain terminal can accommodate vessels of up to 70,000 deadweight tons, discharge cargo at 10,000 metric tons a day and store 180,000 metric tons of both soyabean meal and grain cargoes.
With the sale of MGC, ATI expects to focus on expanding and upgrading its other business and growing its ability to generate revenues from new and existing port operations.
ATI earlier secured an authority from PPA to operate the Batangas Port Phase 2, which has a 128-hectare container terminal area, bigger than the 20-hectare first phase operated by the same company for domestic traffic.
The second phase would be a mix operation of bulk, break bulk and international containerised cargo. The facility can accommodate 7,000 TEUs.
In a disclosure to the Philippine Stock Exchange, the port operator said its net income went up by 88.84 percent to US$17.22 million, up from $9.12 million in the same period last year.
From January to September, ATI's net profit rose 110.9 percent to $38.18 million from $18.95 million in the same period last year.
The company's revenues grew 23.6 percent to $77.95 million in the first nine months compared to $63.09 million last year.
Of the total, earnings from ports operations amounted to $76.12 million, while revenues from non-ports operations amounted to $1.86 million.
In ports operations, revenues from South Harbor international container were higher by 21.6 percent and international non-container were up by 69.4 percent due to increase in international trade at the Port of Manila.
Earnings from South Harbor domestic terminal operations increased by 24.6 percent and revenues from Port of Batangas Phase 1 operations went up by 16.9 percent.
ATI also posted a gain of $7.46 million from the sale of Mariveles Grain Corp. MGC stopped commercial operations last year.
The grain terminal can accommodate vessels of up to 70,000 deadweight tons, discharge cargo at 10,000 metric tons a day and store 180,000 metric tons of both soyabean meal and grain cargoes.
With the sale of MGC, ATI expects to focus on expanding and upgrading its other business and growing its ability to generate revenues from new and existing port operations.
ATI earlier secured an authority from PPA to operate the Batangas Port Phase 2, which has a 128-hectare container terminal area, bigger than the 20-hectare first phase operated by the same company for domestic traffic.
The second phase would be a mix operation of bulk, break bulk and international containerised cargo. The facility can accommodate 7,000 TEUs.