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ATI’s 2020 earnings plunge 20% to P3 billion

The COVID19 pandemic resulted in lower container volumes, pulling down Asian Terminals Inc. (ATI)’s earnings by 20.4 percent, from P3.71 billion in 2019 to P2.96 billion last year.

Container volumes at the Manila South Harbor plunged 20.4 percent while those at the Batangas Container Terminal went down 19.7 percent, pulling down ATI’s revenues 17.8 percent, from P13.33 billion to P10.96 in the same period.

However, ATI handled the highest volume in its history in 2020, with 1.3 million twenty-foot equivalent units (TEUs) from 1.61 million TEUs the preceding year.

It was the higher cargo volumes during the second half of 2020 which cushioned the operator’s bottomline from the impact of the pandemic, executives maintained.

In this period, ATI’s Manila and Batangas ports handled over 700,000 TEUs in consolidated container volume, up 25 percent from the first half of the year.

Global as well as local lockdowns restricted trade and wreaked havoc on economies in the first six months of 2020.

This 2021, as the government rolls out its anti-COVID 19 vaccine program, lifts restrictions and gradually re-opens the economy, “We are optimistic for a stronger year,” stressed ATI executive vice president William Khoury.

“The COVID-19 pandemic has impacted businesses and industries around the world at unprecedented proportions. But with discipline, teamwork and prudent cost management, ATI has remained resilient, keeping our gateway ports viable and operational 24/7 which in turn, kept commodities and cargoes flowing especially during this pandemic,” he concluded.

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Credit belongs to : www.mb.com.ph

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