THE Philippine Ports Authority (PPA) generated a P4.87-billion net profit in the first 10 months of 2013, an “all-time-high” 58.2% surge from the P3.08 billion it earned for the same period a year earlier.
PPA general manager Juan C. Sta. Ana said the rise in net income was due to the constant decrease in total expenses, which had previously been dragging the agency’s revenue-generation measures.
“The hike in net income only shows that the agency is reaping the benefits of reduced red-tape at the agency as well as transparency in operations,” Sta. Ana said.
“We are reaching all-time highs in terms of increases in net income and I am very optimistic that this performance would carry over not only in 2013 but also this 2014,” Sta. Ana said.
“With the hike in net income, the agency was able to donate P20 million through the Department of Public Works and Highways (DPWH), to be used for the rehabilitation of Yolanda (Haiyan)-ravaged areas,” Sta. Ana added.
Meanwhile, gross revenues increased 22.42% to P9.02 billion from P7.37 billion in 2012.
Port revenues rose 23% to P8.91 billion from P7.23 billion in 2012, while fund management income dropped 17.21% to P111.15 million from P134 million in the same period a year earlier.
Total expenses, on the other hand, went down 3.25% to P4.154 billion while operating expenses fell 2.31% to P3.899 billion.
Non-operating expenses declined 15.73% to P254.97 million.
Sta. Ana said the decrease in total expenses was due to reduced spending in dredging and personal services while the drop in non-operating expenses was due to reduced interest payment for domestic and foreign-currency-denominated loans and other charges.