Home » Customs & Trade » PPA income up 11% in first quarter

THE Philippine Ports Authority (PPA) recently reported a 10.94% increase in its first quarter net income to P1,300.32 million from P1,290.82 million in the same period last year (see table).

For the full year, the port agency is eyeing a 60% hike in income to P1,431.06 billion compared with P874.27 million realized in 2003. Net income, however, took a 40% dive to P121.13 million in March from P183.81 million recorded in the same month last year.

For the first quarter, the agency’s gross revenue amounted to P1,300.32 million, up 0.74% from P1,290.82 million earned during last year’s comparable period. Gross revenues in March alone grew 1.6% to P439.05 million from P432.43 million.

Port revenues, which accounted for roughly 90% of gross earnings, hit P1,238.43 million, an increase of 0.31% during this year’s first quarter. The growth was attributed to the impact of foreign exchange on dollar-denominated tariffs; non-traditional accounts; and volume of traffic.

Fund Management Income or internally-generated funds also jumped 10% to P61.89 million from P56.16 million. Total expenses for the first quarter went down 6.58% to P702.62 million from P752.08 million.

Operating expenses rose 14.84% to P596.50 million from P519.41 million during the same period last year while non-operating expenses dipped 54.38% to P106.12 million from last year’s P232.60 million.

PPA Revenues
First Quarter 2004 vs 2003

In Millions    

 

2004

2003

Variance

Gross Revenue

1,300.32

1,290.82

0.74

Port Revenue

1,238.43

1,234.66

0.31

FMI

61.89

56.16

10.20

 

Expenses

702.62

752.08

-6.58

Operating

596.50

519.41

14.84

Non-operating

106.12

232.60

-54.38

Net Income

597.70

538.74

10.94

Source: Philippine
Ports Authority

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