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Philippine Ports Authority’s net income grew 23.18% to P6.19 billion in the first half of 2023 from the same period last year
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The latest figure is also 7.85% higher than the target for the period
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Revenue for January-June 2023 grew 10.83% to P10.46 billion from P9.44 billion in the same period in 2022
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Total expenses, on the other hand, dropped 3.23% year-on-year
Philippine Ports Authority’s net income grew 23.18% to P6.19 billion in the first half of 2023 from the same period last year’s P5.02 billion.
The latest figure is also 7.85% higher than the target of P5.74 billion for the period, PPA said in a statement.
Revenue for January-June 2023 grew 10.83% to P10.46 billion from P9.44 billion. PPA said all revenue groupings showed improvement in revenue, including service and business income increasing by 13.94% or P630.21 million, and regulatory income growing by 8.04% or P393.58 million.
Total expenses, on the other hand, declined 3.23% year-on-year. Cash expenses decreased 24.63% due to lower recorded expenditures of administrative costs and financial expenses this year.
PPA general manager Jay Daniel Santiago attributed the higher income and lesser expenditure costs to sound fiscal management and the responsible use of financial resources, among others.
“We can say that this is a great start for PPA this year especially because we implemented the reduction of representation expenses, as well as fuel costs due to the rationalization of the use of service vehicles, among others,” Santiago said.
PPA said its budget utilization improved to 83% in 2022 from 71% in 2021 and 62% in 2020, a more or less 12% increase in budget utilization every year the 52% utilization in 2015.
During the first year of the current administration, the agency has completed 30 seaport projects and 19 more projects are expected to be completed before yearend, Santiago said.
