PHILIPPINE stock exchange-listed port operator Asian Terminals Inc (ATI) has reported that net profit in the first nine months fell 24 per cent year on year to PHP1
PHILIPPINE stock exchange-listed port operator Asian Terminals Inc (ATI) has reported that net profit in the first nine months fell 24 per cent year on year to PHP1.5 billion (US$29.83 million) 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 incidents, with governments pre-emptively locking down port facilities to curb infection rates,' the listed port operator said in a statement.
The company added that disruptions in the major regional ports caused ship rerouting, anchorage queuing, terminal gridlocks, and delays in container and logistics cycles.
Revenues however increased 3.2 per cent to PHP8.22 billion from PHP7.97 billion it posted in the same period last year driven by higher cargo volume.
The flow of international cargoes facilitated by Philippine trade enabler ATI remained bullish with volumes breaking through the one-million-TEU mark by end of third quarter, reflective of sustained trade recovery.
ATI's international gateway ports in Manila and Batangas handled over 810,000 TEU and nearly 200,000 TEU, respectively, indicating resilient growth since the novel health emergency disrupted global and local supply chains last year.
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