The Philippine Ports Authority (PPA) posted a P6.159-billion net profit for calendar year 2016, beating the target by 165% or P3.836 billion.
PPA, in a statement, said this was achieved with strong figures coming from lay-up fees, roll-on/roll-off (RoRo) fees, berthing fees, and remittances from port operator Asian Terminals Inc.
The 2016 figure is 8% better than the P5.705 billion registered in 2015.
“All tariff items demonstrated growth with the exception of storage charges due to the introduction of various anti-port congestion efforts,” PPA general manager Jay Daniel Santiago said.
He added that the overall favorable revenue performance is primarily attributed to the increase in volume of cargo and vessel traffic at the ports.
Port revenues amounted to P14.136 billion, higher by 7% compared with the 2015 total revenues and 8% higher than the target.
Fund Management Income (FMI) totalled P90.69 million, a minimal increase of 2% from 2015 but 99% higher than the target for 2016 of P45.49 million. PPA traced the positive performance to renewed investor confidence and upbeat consumer spending, adding that the improved peace and order under the current administration helped lead to better market interest rates, which in turn resulted in higher FMI performance.
Total revenues amounted to P14.227 billion, or 7.08% higher than the 2015 figure of P13.286 billion and 8% higher than the targeted P13.142 billion.
Total expenses went up by 6.4% to P8.067 billion, where total operating expenses reached P7.538 billion, or 4.88% higher than the 2015 figure of P7.188 billion and 29% higher than the target of P10.638 billion. Non-operating expenses (NOE) shot up by 34.61% to P529.09 billion as against the 2015 figure of P393 billion. Against the target, the NOE is higher by 191.35%.
“With these kinds of figures, even with the higher forex rate in favor of the dollar, we will be able to maintain our share to government coffers that it can use for its socio-economic programs,” Santiago added.
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
