ATI reports drop in Q1 income

The profit of publicly listed port operator Asian Terminals Inc. (ATI) declined in the first quarter of the year as the lower domestic cargo volumes at its facilities in the country dragged the growth in international freight revenue.

In a statement, ATI said its net income hit P350 million in the first quarter, down 4.9 percent from year-ago level.

“For the first quarter of 2012, international cargo volume grew marginally but with an unfavorable cargo mix, while domestic volume was lower than the equivalent period in 2011,” the company said Tuesday.

The company said it expected recovery in volumes for the rest of the year due to the stronger domestic economy, to prop up earnings.

To attain growth, ATI said it had earmarked P1.4 billion in capital expenditures for 2012 to cover the deployment of new cranes, expansion of container yards, full automation of its gate system and extension of berthing space for Manila South Harbor’s Pier 3.

“ATI expects growth for the rest of the year as the market recovers and its investment program for Manila South Harbor delivers,” the company said.