Asian Terminals reports 24% decline in nine-month profit
ASIAN TERMINALS, Inc. (ATI) said net profit in the first nine months fell 24% year on year to P1.5 billion following disruptions in global supply chains, rising fuel prices, pandemic-related measures, and unfavorable foreign exchange rates.
“Cargo flow during the third quarter was tempered by operational disruptions in major Asian transshipment hubs caused by spikes in COVID-19 (coronavirus disease 2019) incidents, with governments pre-emptively locking down port facilities to curb infection rates,” the listed port operator said in a statement Friday.
The company added that disruptions in the major regional ports caused ship rerouting, anchorage queuing, terminal gridlocks, and delays in container and logistics cycles.
But ATI Executive Vice-President William Khoury said the company expects cargo to increase for the rest of the year due to increased consumer confidence and the easing of community quarantine rules.
“As of October, we have reached 100% vaccination rate for our employees. This further boosts ATI’s capacity and capability to handle more container volumes safely and efficiently as we keep in step with market recovery and fulfill our vital role in keeping cargoes flowing in the supply chain,” Mr. Khoury said.
ATI’s international gateway ports in Manila and Batangas handled more than 810,000 TEUs (twenty-foot equivalent units) and almost 200,000 TEUs in the first nine months, respectively.
The company said the volumes indicate “resilient growth since the novel health emergency disrupted global and local supply chains last year.”
“This represents a consolidated volume growth of 8% compared to end-September 2020,” it noted.
For the first nine months, revenue totaled P8.22 billion, up 3.2% from a year earlier.