Home » Ports/Terminals » PPA income up 28.4% in Jan-May

FOR the first five months of the year, the Philippine Ports Authority (PPA) earned a net income of P1,005.40 million, up 28.46% compared with P782.65 million earned in the same period last year.

In May alone, its net income went up 29.47% to P778.28 million from P601.13 million during the previous year. Revenue from January to May totaled P2,231.95 million, up 2.34% from last year’s P2,180.88 million. This was also 0.18% higher than the P2,227.98 million target. Operating expenses for the period increased P23.65 million or 2.34% primarily due to accelerated dredging activities and payment of employee benefits.

PHILIPPINE PORTS AUTHORITY

Financial Performance Report (January to May 2004)
In Million Pesos

 
  2004   2003% Deviation
  Actual Target Actual Target 2003
Gross Revenue 2,231.95 2,227.98 2,180.88 0.18 2.34
Port Revenue 2,131.00 2,128.61 2,079.83 0.11 2.46
FMI 100.95 99.37 101.05 1.59 -0.1
Expenses 1,226.55 1,339.07 1,398.23 8.4 12.28
Operating 1,034.13 1,137.33 1,010.48 9.07 -2.34
Non-Operating 192.42 201.74 387.75 4.62 50.38
NET INCOME 1,005.40 888.91 782.65 13.1 28.46
Source: Philippine Ports Authority
Revised Revenue and Expenses Projection for CY 2004

  2004   2003% Deviation
  New Original Actual Original 2003
Gross Revenue 5,503.97 5,500.00 5,401.52 0.07 1.9
Port Revenue 5,290.52 5,288.13 5,142.36 0.05 2.88
FMI 213.45 211.87 259.16 0.75 -17.64
Expenses 4,118.50 4,220.70 4,554.25 2.42 9.57
Operating 3,591.02 3,694.22 3,623.64 2.79 0.9
Non-Operating 527.48 526.48 930.61 -0.19 43.32
NET INCOME 1,385.47 1,279.30 847.27 8.3 63.52
Source: Philippine Ports Authority

The increase, however, is well within the budget, PPA noted. Non-operating charges, on the other hand, went down 50.38% due to changes in the guidelines on the accounting treatment on the losses on loan revaluation of foreign loan transactions. The agency also revised its 2004 net income to grow 8.4% to P1,385.47 million from P1,279.30 million. The 2004 figure is 63.52% over the actual income of P847.27 million during the previous year.

Targeted gross revenue, on the other hand, is P5,503.97 million, up 0.07% from the original projection of P5,500.00 million. This is also 1.9% higher compared with the actual revenue in 2003 which amounted P5,401.52 million. The PPA has projected a port revenue of P5,290.52 million and a fund management income (FMI) of P213.45 million, which are up 0.05% and 0.75%, respectively. The port agency is also expecting increased expenses of P4,118.50 million for the full 2004.

This is 2.42% higher than the original projection of P4,220.70 million and 9.57% over last year.

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