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Wednesday, July 27, 2005
Aboitiz Transport System’s profit rises 4%
Aboitiz Transport System Corp. (ATS) reported a net income of P330 million in the second quarter of this year, up four percent from the same period last year.
This occurred after revenues grew by five percent to P2.6 billion, ATS said in a disclosure to the Philippine Stock Exchange.
For the first six months of the year, ATS made P162.8 million in profits after posting P4.4 billion in revenues.
The leading shipping firm in the country said rising fuel prices caused operating expenses to grow by seven percent from the same six-month period last year.
ATS is now working to reduce these costs.
During the company’s recent stockholders’ meeting, ATS president Enrique Aboitiz Jr. said fleet modernization was a way to reduce its fuel costs. Newer ships consume less fuel.
At the end of June, the shipping company’s bank debt stood at P2.6 billion.
The company had a market share of 45 percent for the freight market and 60 percent for the passage market in 2004. (CTL)
(July 27, 2005 issue)
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