ATI to wrap up Batangas box terminal expansion in Q2 amid volume growth
ASIAN Terminals Inc said the expansion of Batangas Container Terminal, on Luzon Island, is on track to be finished in the second quarter
ASIAN Terminals Inc said the expansion of Batangas Container Terminal, on Luzon Island, is on track to be finished in the second quarter. The company posted a 15.8 per cent increase in net income to PHP2.9 billion (US$55.2 million) for 2018, fuelled by record-high cargo volume handled at its Manila and Batangas ports.
In a disclosure to the stock exchange, the listed port operator said revenues increased 15.8 per cent to PHP12.3 billion (US$55.97 million) last year.
ATI attributed the strong profit growth to the rise in volume of its international containerised cargo, Manila's BusinessWorld reported.
Manila South Harbour and Batangas Container Terminal handled in total a record 1.4 million TEU.
ATI said its total throughput at the Manila South Harbour was at 1.3 million TEU last year, six per cent higher than in 2017. For the Batangas Container Terminal, volume surged by 25 per cent to 250,000 TEU.
'In synergy, Manila South Harbour and Batangas Container Terminal have effectively supported government's drive for inclusive growth within and outside Metro Manila by continuously opening direct market connectivity and delivering competitive port services to shippers based in the country's national capital and southern Luzon regions,' the company said.
ATI said it is investing PHP14.7 billion over the next two years to fuel its expansion projects in the Manila and Batangas ports in anticipation of growing demand.