MANILA, Philippines - Higher costs of operations, along with the drydocking of its fleet continued to bleed Aboitiz Transport System Corp.'s (ATS) as it incurred a net loss of P152.5 million in the first half.
The company posted a first quarter net loss of P141.9 million.
Shipping firm ATS, a unit of the Aboitiz Group, said that while total revenues rose in the first half, its overall financial performance declined, with several of its SuperFerry vessels and freighters operating at limited capacity due to maintenance and drydocking, its local freight and passage business also slowed down.
In the six months to June, ATS said its consolidated revenues stood at P6.7 billion compared to P6.2 billion in 2009.
Its local freight business was weighed down by a 20% drop in average freight rates despite a 9% rise in volume.
Revenues from the company's passage business fell by P242 million from a year ago to P1.5 billion. Only 2 of its larger roro-passenger vessels were operating during the period, with 3 scheduled for drydocking.
ATS said it expects all of its vessels to be operating fully in the second half as maintenance and repair are completed.
Further contributing to its loss were higher fuel costs which drove its expenses to P6.9 billion, 25% more from last year.
ATS shares were last traded on Monday at P1.15 a piece.