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THE transport unit of the Aboitiz group said its
losses surged in the first quarter on weak passenger revenues and
higher expenses.
In a statement, Aboitiz Transport
System Corp. (ATS) said its losses rose 49.8 percent to P36.1
million this year compared with P24.1 million last year.
The company’s revenues amounted
to P3 billion, a 17-percent improvement from P2.5 billion in the
same period last year.
Freight revenues increased 23
percent to P1.9 billion.
The company’s Roll-on Roll-off
(RoRo) service grew at a rate of 29 percent, contributing 28 percent
of the cargo business compared with 18 percent in the same period
last year.
Passage revenues however dropped
3 percent to P617.6 million from P636.9 million last year owing to a
44-percent reduction in passenger ferry capacity.
Passenger load factors
nevertheless jumped from 61 percent last year to 73 percent this
year.
The company’s service fees grew
45 percent to P352.2 million from just P242.3 million in 2007.
“The growth is in line with ATS’ strategy of building its supply
chain management services,” the company said.
Costs and expenses went up by 20
percent mainly due to higher fuel and charter-related expenses. The
company blamed this on rising prices of fuel.
At end-March, the company’s
consolidated assets amounted to P8.6 billion with cash and cash
equivalents reaching P652 million.
--Darwin G. Amojelar
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