Philippine Ports Authority’s (PPA) net income for the first eight months of the year rose 35.73% to P4.096 billion from P2.633 billion year-on-year.
Revenue increased 26.73% to P7.271 billion compared with P5.737 billion in the same period last year but the latest figure was 0.11% lower than the target of P7.332 billion.
Fund management income dropped 18.09% to P22.05 million from P121.88 million due to higher operational spending, resulting in lesser funds available for short-term investments.
Total expenses amounted to P3.274 billion, a 1.48% slip from last year’s P3.226 billion and lower than the target of P905.73 million or by 21.67%.
As of August 2013, PPA completed 14 major infrastructure projects worth P682.37 million.
The projects consist of providing additional back-up areas for cargo storage, additional berthing facilities through the construction of new or extension of berths, inclusion of roll on roll off ramps, and new passenger terminal buildings on various ports.
Meanwhile, PPA targets the initiation of tenders for the Davao Sasa Port by October 2014.
The PPA Board has approved the terms of reference for the procurement of developer and evaluation methodology and bid documents submitted by the Department of Transportation and Communications to the National Economic and Development Authority.
Photo from www.ppa.com.ph/davao