| ATS Registers A P1.0 Billion Drop In Consolidated Revenues For Q3 |
Date Posted: 11/5/2009
Author: Corporate Communications Desk |
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Aboitiz Transport System Corporation (‘ATS’) registered a P1.0 billion drop in consolidated revenues for the third quarter ending September 30, 2009, contributing to a net loss attributable to equity holders of parent of P67.3 million, slightly lower than the P66.2 million net loss in 2008.
While the international chartering business partly contributed to the reduction in revenues in the third quarter, the P107.1 million loss before income tax was entirely attributed to the loss of one of its ships, and the subsequent temporary suspension of all its roro-passenger vessels which greatly affected freight and passenger business in the month of September. All ATS vessels ultimately passed the Maritime Industry Authority’s audit and inspection and were cleared for sailing shortly after the suspension. ATS is fully insured. The vessel as well as its cargo and passengers are fully covered as mandated by law. SuperFerry continues to provide assistance to the relatives and loved ones of those who perished in this incident.
For the nine-month period ending September, 30 2009, ATS registered net income attributable to equity holders of parent of P428.8 million for a marked improvement over the P49.4 million net loss in 2008. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the nine-month period reached P1.3 billion, much higher compared to P545.0 million in 2008. Fuel cost, our single largest expense, decreased by 37% brought about mainly by declining fuel prices.
As of September 30 2009, consolidated assets amounted to P10.2 billion. Cash and cash equivalents stood at P1.3 billion. Similarly, interest-bearing debt was at P1.3 billion as of period end, the same level as December 2008. Stockholders’ Equity stood at P5.1 billion.
ATS continued to charter feighters as it capitalized on competitive world market charter rates. In 2009, the company had purchased one roro passenger vessel, two fast crafts and chartered three freighters. Funds were also utilized for the regular maintenance of its assets, including drydocking and vessel improvements. Balance sheet and cashflows remain strong as ATS demonstrates its resilience and drive to excel even under most trying conditions. |
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