Philippine port operator Asian Terminals rides on higher volumes

Asian Terminals Inc (ATI) saw net income grow by nearly a fifth in the third quarter on higher revenues from operations, reported BusinessWorld.

The company recorded a net income of US$10.62 million from July to September, 18.69 percent more than the $8.95 million recorded in same three months last year.

Revenues rose 15.74 percent to $30.29 million from $26.17 million while expenses increased 14.32 percent to $16.11 million from $14.09 million in the same comparative periods.

The third-quarter financial performance sent the company's nine-month net income to $29.56 million, a 6.09 percent increase from $27.87 million in the same period last year.

"The increase was driven mainly by growth in international trade, prudent cost management and higher port volumes and revenues," the company, which operates Manila South Harbor Port and Batangas International Container Port Phase 1, said in a separate statement.

"Higher volumes handled by its international container operations and its international non-container operations in South Harbor and the Batangas Port contributed to the 7.6 percent increase in Asian Terminal's consolidated revenues."