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Asian Terminals nets P472.5M in Q1, down 57.5%
By TED CORDERO, GMA News Listed ports operator Asian Terminals Inc. (ATI) saw a 57.5% drop in its bottomline in the first quarter of 2020 amid the economic slowdown brought by the COVID-19 pandemic.
In a regulatory filing, ATI said its January to March net income stood at P472.5 million, down 57.5% from P1.1 billion year-on-year.
Revenue for the first three months of the year reached P2.6 billion, down 28.9% from P3.6 billion in 2019 on account of lower container volumes resulting from the negative economic impact of COVID-19.
During the period, Manila South Harbor handled over 250,000 teus (twenty foot equivalent units) of international boxes while its Batangas Container Terminal handled over 61,000 teus, down by 20.8% and 18.8%, respectively as “global and regional markets temporarily shuttered to mitigate the spread of the contagious virus,” said ATI.
The company said its gateway ports have remained operational 24/7, joining frontline industries and supporting government agencies in ensuring the unhampered flow of food, medicines, medical supplies, and other vital commodities in the supply-chain, especially at the time of the health emergency.
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While exercising prudent cost management, ATI said it augmented its donations and community investment programs to help mitigate the impact of COVID-19 to its surrounding communities, resulting in higher other expenses which increased by 5% to P60.7 million.
In line with its corporate sustainability program, ATI said it sent truckloads of rice and ready-to-eat canned goods through the social welfare unit of the City of Manila and distributed relief goods to surrounding port communities to help families remain afloat during the crisis.
The company said it made available its passenger terminal building at Manila South Harbor’s Pier 15 as an added temporary COVID-19 quarantine facility for repatriated overseas workers in partnership with the Department of Transportation, Philippine Ports Authority, Philippine Coast Guard, and other private sector donors.
Pier 15 is also hosting two floating hospital vessels serving the same purpose, it said.—AOL, GMA News