ATI posts 29% drop in 2011 profit

Port operator Asian Terminals Inc. (ATI) reported a significant decline in earnings for 2011 due to tepid market demand and the recent sale of a key asset.

In a statement on Friday, ATI said it capped 2011 with a 3-percent dip in revenue to P4.39 billion. Its net settled at P1.52 billion, down by 29 percent from P2.14 billion the year before.

If only profits from continuing operations are taken into account, the decline would be 4.5 percent year on year.

Despite the lackluster performance, ATI announced the issuance of a cash dividend of 25 centavos per share—the highest in the company’s history—for a total of P500 million.

“The fundamental robustness of ATI’s integrated port business enabled it to provide strong dividends even under challenging times,” the company said.

The company said it was able to match its 2010 results, not counting non-recurring losses, “despite global and local economic challenges because of higher productivity and efficiency, and prudent cost management.”

“In preparation for future growth, ATI is constantly expanding its port facilities and further improving the efficiency of its operations through the acquisition of state-of-the-art equipment and technologies,” the company said.

In the third quarter of 2010, ATI sold its Mariveles Grain Terminal in Bataan, giving the company a one-time gain of P1.6 billion. This was sold to a group chaired by former Supreme Court Justice Minita Chico-Nazario.

The Mariveles facility was supposed to be sold to San Miguel Corp. but the talks between the two groups fell through due to disagreements over the price and terms of the sale.