ATI allots P1.8B for 2013 capex
MANILA, Philippines—Port developer Asian Terminals Inc. (ATI) is stepping up expansion efforts for the coming year to increase capacity at existing ports amid the growth of international cargo volumes entering and leaving the country.
ATI, led by businessman Eusebio H. Tanco, said in a statement that it has earmarked P1.8 billion for capital expenditures (capex) this year, funded mostly out of internal funds. This is higher than the P1.4 billion capex the company had in 2012.
The increase in spending followed a banner year for ATI, which grew its net profit by 10.4 percent to P1.68 billion in 2012 due in part to prudent cost management efforts.
This came as port revenues rose 10.7 percent to P4.86 billion from P4.39 billion the previous year, driven by higher volumes from its international container and non-container operations at the Manila South Harbor and the Batangas Port.
“The fundamental robustness of ATI’s integrated port business, alongside its prudent cost management efforts, enabled the company to deliver strong results in 2012,” said ATI executive vice president Andrew Hoad.
“Building on this momentum, we are continuously investing and further improving the efficiencies and capabilities of our facilities in Manila, Batangas and Laguna in support of the country’s growing economy,” Hoad added.
ATI’s capex for 2013 will support the development of additional container storage areas within the Manila South Harbor expanded port zone, the deployment of new cranes, loaders and prime movers, and acquisition of other container handling equipment.
ATI is also eyeing additional back-up container storage areas outside the South Harbor to allow greater flexibility and convenience for customers.
ATI operates the Manila South Harbor, the Port of Batangas, the Batangas Container Terminal, the Inland Clearance Depot Laguna and the Sta. Mesa Container Yard in Manila.
It is also a strategic partner at the South Cotabato Integrated Port in General Santos City.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94