Asian Terminals Inc. posts decline in earnings

Asian Terminals Inc. posts decline in earnings

Philippine terminal operator Asian Terminals Inc., reported net income of 296.4 million Philippine pesos ($5.4 million) for the first nine months of 2003, down 34 percent from 446.1 million pesos ($8.1 million) a year earlier.

The company blamed a weak economy that resulted in declining volumes of non-containerized cargo volumes. Those declines weren't enough to offset steady growth in containerized volumes.

ATI, which operates four of the Philippines' major international marine terminals, reported that containerized cargo volumes increased by 7.2 percent to 455,785 TEUs at the Port of Manila and by 64.2 percent at the Port of Batangas.

The Port of Batangas, operated by ATI Batangas Inc., handled 10,236 TEUs, compared with 6,236 TEUs a year earlier.

Revenue during the period increased 3.1 percent to $46.9 million.

The company said that poor demand and slumping imports of construction materials, as well as a drop in grain imports and the slowdown in livestock shipments slowed the volume of non-containerized cargoes handled at the ATI-operated marine terminals.