PHILIPPINE stock exchange-listed port operator Asian Terminals Inc (ATI) has seen its profits sink by 46.3 per cent to PHP1.15 billion (US$23.61 million) in the first half, from PHP2.14 billion the year prior, as its operations were affected by the economic contraction brought about by the Covid-19 pandemic.
Its revenues dipped by 28.2 per cent to PHP5.05 billion, from PHP7.04 billion, as it posted lower container volumes during the first six months of the year. Manila South Harbour and Batangas Container Terminal both posted a 29-per cent drop in volumes, handling only 460,000 TEU and 113,000 TEU respectively, according to Manila's BusinessMirror.
ATI executive vice president William Khoury noted that his group is 'seeing signs of trade recovery past the second quarter.'
He said his group's optimism comes from the 22-per cent throughput increase in consolidated volume, which reached the 100,000 TEU-mark in June. The following month, the company hit 117,000 TEU, representing a 16 per cent growth from the preceding month.
'Our company's prudent cost management, the careful execution of day-to-day operations which is anchored on safety and efficiency, and our continuing investment on important port infrastructure projects will enable us to remain resilient amid these challenging times,' Mr Khoury said.
He added: 'Through these initiatives, we will sustain the steady flow of trade and ensure the safe passage of people and cargoes through our gateway ports, serving as our contribution to stimulating the Philippine economy.'
SeaNews Turkey
Its revenues dipped by 28.2 per cent to PHP5.05 billion, from PHP7.04 billion, as it posted lower container volumes during the first six months of the year. Manila South Harbour and Batangas Container Terminal both posted a 29-per cent drop in volumes, handling only 460,000 TEU and 113,000 TEU respectively, according to Manila's BusinessMirror.
ATI executive vice president William Khoury noted that his group is 'seeing signs of trade recovery past the second quarter.'
He said his group's optimism comes from the 22-per cent throughput increase in consolidated volume, which reached the 100,000 TEU-mark in June. The following month, the company hit 117,000 TEU, representing a 16 per cent growth from the preceding month.
'Our company's prudent cost management, the careful execution of day-to-day operations which is anchored on safety and efficiency, and our continuing investment on important port infrastructure projects will enable us to remain resilient amid these challenging times,' Mr Khoury said.
He added: 'Through these initiatives, we will sustain the steady flow of trade and ensure the safe passage of people and cargoes through our gateway ports, serving as our contribution to stimulating the Philippine economy.'
SeaNews Turkey