The Subic Bay Metropolitan Authority (SBMA) reported earnings before interest, taxes, depreciation and amortization of P738 million in the first half of 2014, a 62% increase from P454 million in the same period a year ago.
SBMA chairman Roberto Garcia in a statement attributed the growth to a 27% increase in operating revenues and a 6% decrease in operating expenses.
Net income for the first semester reached P322 million.
“This gives SBMA the desired spending power and fiscal flexibility to manage its various financial obligations,” Garcia stated.
Revenue for the first six months amounted to P1.2 billion. Of the total, P627 million came from leases, P380.8 million from port services, P8.3 million from tourism services, and P182.2 million from other operating incomes.
Operating expenses were recorded at P461 million, broken down into P194.2 million for manpower, P80.8 million for bad debts, P43.5 million for electricity bills, P17.5 million for supplies, materials and fuel, P3.6 million for water, and P121 million for other operating expenses.
Garcia said SBMA is committed to further improving its financial condition to develop its facilities so as to attract more investments to the Subic Bay Freeport Zone.
Image courtesy of renjith krishnan/ FreeDigitalPhotos.net
