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ATI profit hits P723M last year

04/28/2008

Asian Terminals Inc. (ATI) reported sustaining its growth last year with profit hitting P722.8 million on consolidated revenues of P4.1 billion.

The company said it expects to sustain its momentum this year and beyond as it pursues its continuing program to further improve services and efficiencies at the least cost.

ATI chairman Bryan Smith reported during the company’s 13th stockholders meeting at the Hotel Sofitel Philippine Plaza that management will elevate ATI’s businesses towards new heights and develop innovative ways to further improve productive capacities.

Last year, ATI’s international container terminal handled a record-high 764,352 twenty-foot equivalent units, or a 6.7-percent increase from 2006 figures. Non-container operations posted an 18.2-percent volume increase.

Combined revenues from ATI’s port-related operations increased from P3.59 billion to P3.63 billion. Overall revenues reached P4.1 billion, yielding a net income of P722.8 million.

Smith said the company’s momentum was hampered by the strong peso which affected its dollar-denominated tariffs; and developments in local sea transport and higher cost of bulk shipment which affected its domestic and grains operations.

“We converted last year’s challenges into opportunities to consolidate operational efficiencies, take stock of existing resources and further improve integrated port solutions for the long-term. Coupled with prudent fiscal management and strategic investments, ATI is prepared for sustained growth in 2008 and beyond,” he said.

“For 2008, ATI will move towards even greater levels of success, banking on the expertise and competencies of our people, maximizing and further investing in port facilities and equipment such as in Batangas, and enforcing a strong culture of safety and customer service to drive home results, broaden the bottom-line and solidify ATI’s strong position in the industry,” Smith said.

At the same meeting, ATI’s board approved the release of a cash dividend of 25 centavos per share or a total of P500 million, payable on June 19 to stockholders on record as of May 23. This is the highest dividend declaration for the company since being listed in 1996.

Smith also cited ATI’s other milestones in 2007 including the extension of its South Harbor contract with PPA for an additional 25 years or through 2038; obtaining ISO 14001 (Environment Management System) and OHSAS 18001 (Safety Management System) certification; and being listed among the Philippines’ top 20 publicly listed firms in corporate governance, the only transport-related company in the list, by the Institute of Corporate Directors, the PSE and SEC.

Shareholders of ATI, meanwhile, re-elected its incumbent board of directors. The ATI board is composed of Bryan Smith, Eusebio Tanco, Suhail Al Banna, Ramon Atayde, lawyer Nilo Peña, B/Gen Remy Tigulo (ret.), Lawrence Ho, Roberto Garcia, Gen. Efren Abu (ret.) and Amb. Cesar Bautista.