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.
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PPA Revenues |
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|
In Millions |
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|
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 |
|
|
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|
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 |
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