Aboitiz profit leaps 559%.
PHILIPPINE ferry and logistics operator Aboitiz Transport System saw net profit surge 559% to Pesos546m ($11.9m) last year, up from just Pesos83m a year earlier.
The company gave no explanation for the turnaround although corporate information officer Lilian Cariaso indicated this followed an improvement in the logistics and supply chain business.
Revenue slumped by Pesos1bn, or 10%, to around Pesos9.3bn which followed a crash in freight revenues partly caused after all passenger and cargo ferry services were suspended in September following the capsize and sinking of the SuperFerry 9.
Ms Cariaso said the suspension of services by the Maritime Industry Authority ?greatly affected freight and passenger business?. She added that all vessels ultimately passed Marina"s ?audit and inspection and were cleared for sailing?.
Operations in the fourth quarter were also adversely affected by devastating typhoons.
The company said the local freight business contributed Pesos5bn to revenue, down 8%, or Pesos414m, from 2008. Revenues from passenger services fell to Pesos2.2bn in 2009, against Pesos2.6bn a year earlier.
But revenue from the logistics and supply chain business soared by around 50% to Pesos3.2bn last year.
Ms Cariaso said: ?Aboitiz Transport System continues to build on this business with bright industry prospects.?
A drop in fuel costs generated a Pesos2bn fall in operating expenses to Pesos1.2bn.
She added that the company was committed to modernising its fleet to improve operating efficiencies which led to the acquisition of two cargo ships, two fast ferries and a ro-ro-passenger vessel ?at very competitive rates? last year.