Newsletter #188 (View other news stories)
Mixed results for Philippine port players
MANILA, Philippines
Thursday, 16 Dec 2004
The Philippines’ major port players have reported mixed third-quarter results.
International Container Terminal Services (ICTSI) more than doubled its profit from last year, while Asian Terminals Inc (ATI) and the Philippines Port Authority (PPA) reeled from losses.
Manila-based ICTSI recorded a 247 per cent increase in net profit, recording PHP791 million (USD14 million) compared to PHP320 million (USD5.7 million) in 2003.
The earnings were attributed mainly to higher earnings from ICTSI’s foreign subsidiaries Baltic Container Terminal Ltd (BCT) in Poland and Tecon Suape, SA (TSSA) in Brazil. BCT was acquired by ICTSI in June 2003.
ICTSI’s third quarter consolidated volume in the Philippines totalled 1,321,991 20-foot equivalent units (TEUs), 18 per cent higher than last year’s 1,116,784 TEUs.
ATI recorded PHP244.3 million (USD4.3 million) in net income, a 17 per cent drop from PHP296.4 million (USD5.3 million) last year. This was despite container throughput growing 11.8 per cent from 562,843 TEUs to 629,428 TEUs.
The company attributed the loss to increases in containerisation and lower demand for steel and steel products, which it said was decreasing non-containerised cargo demand by 20 per cent a year.
PPA reported a 30 per cent loss of revenue. General manager Oscar Sevilla blamed the loss on the elimination of fees, including wharfage port dues and terminal fees.
Sevilla said the loss was not surprising, as the Philippines Government had introduced a Strong Republic National Highway (SRNH) program, which integrated roll-on/roll-off facilities with the country’s highway network.
Sevilla said the PPA may appeal to President Gloria Macapagal-Arroyo to allow it to collect minimum port dues to recover lost revenue.
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