Aboitiz Transport System Corporation (ATS) registered a turn around in the first nine months of the year despite higher losses in the third quarter due to the sinking of one of its ships and the grounding of the others.

In a disclosure to the Philippine Stock Exchange (PSE) Saturday, ATS said net income attributable to equity holders of parent reached P428.8 million in the first nine months, 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, 139 percent higher compared to P545.0 million in 2008.

ATS explained that, fuel cost, its single largest expense, decreased by 37 percent brought about mainly by declining fuel prices.

However, ATS suffered a bigger net loss attributable to equity holders of parent of P67.3 million in the third quarter of the year from the P66.2 million net loss in the same quarter of 2008.

ATS registered a P1.0 billion drop in consolidated revenues for the third quarter ending September 30, 2009 partly due to its international chartering business.

But the firm said 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 said it is fully insured. The vessel as well as its cargo and passengers were fully covered as mandated by law. SuperFerry continues to provide assistance to the relatives and loved ones of those who perished in this incident.

ATS continued to charter freighters 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.