PPA net income dips 14.3% to P2B from Jan to Nov

FOR the first 11 months of 2005, the Philippine Ports Authority (PPA) reported a 14.29% decrease in net income to P2.006 billion from P2.34 billion registered in the same period in 2004. The income is, however, 16% more than the P1.732-billion target for the period.Port revenues grew P266.53 million or 5.48% higher than a year earlier due to increased income from arrastre/stevedoring charges, storage, pilotage, and other non-traditional revenues as well as higher remittances from International Container Terminal Services, Inc (ICTSI).Income from Fund Management grew 0.01% from P237.30 million to P237.33 million. Interest from savings and time deposit placements and restricted cash deposits with the Bureau of Treasury boosted FMI account during the period.Total expenses for the period which amounted to P3.363 billion were 22% higher than 2004’s P2.76 billion. In particular, operating expenses amounting to P2.8 billion was P609.85 million or 28% more than the 2004 figure due to increased expenses incurred on personal services, cost of utilities, security services, taxes and licenses and depreciation charges. Non-operating expenses slightly decreased 1.55% as a result of lower adjustments for losses on foreign loan revaluation.For the month of November alone, port revenues amounted to P472.56 million or P18.95 million higher than a year earlier. The 4.18% increase can be attributed to higher fees collected from ICTSI, cargo-handling fees and increased revenues from non-traditional sources.Net income for November was at P136.18 million or 69.72% higher than the figure registered a year earlier.