Asian Terminals Inc. (ATI) said on Wednesday that is posted P2.6 billion in revenues for the first six months of the year, 4.6 percent higher compared to the same period last year.
“The outlook for our full-year income growth remains positive, though slower than earlier anticipated in view of the modest growth of Manila’s total international container traffic and other external factors beyond the company’s control,” said Andrew Hoad, executive vice president of ATI.
ATI said that its net income stood at P512 million, declining by 21 percent from last year’s first semester figures as it adopted a change in accounting policy.
In a disclosure filed at the Philippine Stock Exchange, ATI explained that the lower earnings was on account of the impact of a change in accounting policy in relation to the fixed concession fees with the country’s port authority.
Excluding the impact of such changes, ATI’s net income would have increased by 3.3 percent to P805 million.
Among ATI’s major investments for Manila South Harbor this year include the acquisition of new port equipment including two rubber-tired gantry cranes, twin-lift spreaders, trucks and chassis; the expansion of its container yards and other developments in its port gateway facilities.
“With strategic investments, we expect to sustain ATI’s growth momentum into the second half of the year as our P1.8-billion investment program for 2013 starts to deliver,” Hoad said.