Listed port operator Asian Terminals Inc. (ATI), an operator of cargo terminals in Manila and Batangas, said earnings rose last year due to higher volume.
ATI said in a statement that net income in 2016 hit P1.9 billion, up 7.8 percent. Excluding any foreign exchange impact, the company said earnings would have been up 12.6 percent to P1.86 billion.
The company’s 2016 revenue came in at P9.25 billion, up 13.5 percent.
This was driven by the growth of its international cargo business in the Manila South Harbor and Batangas Container Terminal (BCT), supplemented by strong international roll-on/roll-off cargo in Batangas Port.
Last year, Manila South Harbor handled 19 percent more international cargo volume compared to 2015, on its way to breaching the one million TEU (twenty-foot equivalent unit) mark for the first time in three decades.
This was also driven by significant productivity gains, which ensured port utilization was maintained below an average 65 percent for the year.
Moreover, Batangas Port handled over 200,000 completely-build car units (CBUs) in 2016—its highest car throughput in a single year— representing over 42 percent growth on 2015.