State-run Philippine Ports Authority said net income jumped 17 percent in the first 11 months of 2016 from a year ago, on the back of higher government fees.
Latest data from PPA showed that net profit reached P7.16 billion in January to November, up from P6.12 billion posted in the same period in 2015 on higher roll-on, roll-off fees, berthing fees and vessel lay-up fees.
Compared to the target, the 11-month profit surged 70 percent from the programmed margin of P4.227 billion.
PPA said revenues increased 8 percent to P12.901 billion from P11.942 billion in the same period in 2015. It was also up by 10.1 percent, compared to the programmed revenue of P11.714 billion.
Fund management income, however, declined by almost 7 percent to P74.84 million from last year’s P80.35 million because of the slump in interest rates for special and/or high-yield savings deposits resulting from the volatile market behavior in view of the global economic and political uncertainties.
“This performance exhibits an overall healthy financial condition with indications of strong ability to service obligations and long-term financial security,” PPA general manager Jay Daniel Santiago said.
“The agency will continue to work harder this 2017 to improve its revenues that will eventually translate to better and efficient ports and services for the public in the short- and long-terms,” Santiago said.
Total expenses fell 1.25 percent to P5.812 billion in January to November from P5.886 billion disbursed in the same period in 2015.
PPA said it continued to pour a large portion of its resources in port infrastructure facilities nationwide. It said as of end-November, the agency completed 55 projects.
PPA said 64 projects were still ongoing, 1 was suspended and 51 others were about to start. PPA allocated P6.068 billion for these projects.
“These projects are targeted to improve the capacity, service standards, and efficiency of ports, consistent with the government’s development agenda and strategic objectives as well as the authority’s vision of providing globally-benchmarked services,” Santiago said.