First half income up 75.4% for ATI of Philippines

Cargo port operator Asian Terminal Inc (ATI) posted a net income of US$20.76 million for the first six months of 2010, or 75.4 percent higher than the $11.84 million netted in the same period in 2009, reported the Philippines News Agency.

The South Harbour-based terminal concessionaire also reported revenues of $56.92 million for the period in review significantly higher than the $46.22 million posted last year.

ATI also revealed that revenues from port operation climbed by $51.91 million or 30.1 percent higher than the $39.84 million last year due to positive performance of key ports.

But it also reported that lower volumes and unfavourable foreign exchange rates caused a 21.1-percent dip in revenues from non-ports operations to $4.99 million from $6.33 million.

Earnings from the South Harbour international container were up 29.8 percent and international non-container up 105.8 percent mainly on account of the improvement in international trade at the Port of Manila.

ATI said the two-tranche 15-percent increase in cargo-related services for foreign containerised and non-containerised implemented fully at South Harbour at the start of the year helped increased its revenues.

Revenues from Batangas Phase I operations grew eight percent and from South Harbour local operations by 9.4 percent.
(Source:www.cargonewsasia.com)