PPA posts P6.112-B in gross revenues
MANILA – The Philippine Ports Authority (PPA) announced that its gross revenues for the first nine months of 2010 has hit P6.112 billion or 18.86 percent higher than the P5.142 billion netted in the same period in 2009.
It also reported that its income amounted to P2.247 billion or 28.70 percent higher from last year’s P2.218 billion. After tax, income was P1.992 billion.
The PPA also stated that its earnings could have been higher had it not accrued a 32.1 percent increase in its expenses to P3.865 billion, a large percentage of which has been devoted to higher repair, maintenance and dredging costs.
Port revenues hit P5.970 billion, P910 million more than last year’s.
Fund management income (FMI) also climbed from P82.97 million to P142.30 million, this year, a 71.5 percent difference.
Fees from port operator International Container Terminal Services, Inc. accounted for the bulk of port revenues with P2.046 billion or 34.28 percent of the total followed by wharfage dues, P1.216 billion; vessel charges, P887.21 million; fees from South Harbor operator Asian Terminals, P690 million; arrastre/stevedoring income, P489.70 million; other income, P439 million; and pilotage/storage, P200 million.
Against the nine-month target of P5.126 billion, actual revenues were up 19.25 percent or P986 million. FMI also exceeded the goal by P89.57 million or by 169.87 percent.
Total expenditures were 7.85 percent less than the projected P4.195 million. Net income also surpassed the target – initially estimated at P931.05 million – by at least P1.061 billion or 113.97 percent.*PNA
