State-run Philippine Ports Authority said net income in 2014 grew 15 percent from a year ago, despite the Manila port congestion last year.
PPA said in a statement net income after tax reached P4.26 billion in 2014, up from P3.70 billion posted in 2013.
The agency said the figure was also higher by 16 percent than the 2014 target of P3.67 billion.
Gross revenues increased 13.5 percent in 2014 to P12.57 billion from P11.07 billion a year ago. Port revenues posted the biggest increase of 25 percent in 2014 to P12.46 billion from P9.99 billion in 2013. It was also higher by 20 percent than the target port revenues of P10.41 billion.
The fund management income, the other source of gross revenues, declined 16 percent to P103.21 million from P122.50 million due to lower interest rates.
“The considerable increases in almost all aspects of the revenue generation process of the agency can be attributed primarily to the increase in traffic volume at the ports despite the congestion issue involving the Manila ports,” PPA general manager Juan Sta. Ana said.