Home » Ports/Terminals » PPA turns the corner, posts 264% jump in 2009 income

THE Philippine Ports Authority (PPA) reported a 264.17% jump in net income for 2009 to P1.788 billion from a net loss of P1.089 billion in 2008.

Gross revenue for the full year 2009 reached P7.129 billion, up 7.6% or about P500 million from the previous year.

Port revenues amounted to P6.969 billion, 7% or P458.56 million more than the P6.510 billion posted in 2008.

Fund Management Income also jumped 38.96% from P115 million in 2008 to P159 million.

International Container Terminal Services, Inc contributed 36% or P2.526 billion to PPA’s total revenues.

Other revenue sources with significant contribution were wharfage fees amounting to P1.394 billion (20%); arrastre/stevedoring, P1.230 billion (17%); vessel charges, P1.030 billion (14%); other sources, P562 million (8%); and pilotage/storage fees, P223.84 million (3%).

Total expenses last year reached P5.029 billion, 34.32% less than the P7.657 billion registered in 2008.

Operating expenses totaled P4.823 billion, P813 million higher than last year’s.

PPA attributed the increase in operating expense to higher cost of Personal Services due to the implementation of the Salary Standardization Law III and higher depreciation and other administrative costs.

Non-operating costs, on the other hand, dropped 94.35% compared with the P3.647 billion registered for 2008 due to loan revaluation gains in 2009 which jumped 90.49%.

Earlier, PPA reported spending P2.15 billion for the full year 2009 to construct and upgrade 16 ports nationwide.

Also last year, seven projects were under the procurement stage.

Two projects were suspended – Davao port’s construction of a transit shed and San Andres Port’s improvement of reinforced concrete pier, roll on-roll off ramp and breasting dolphin; rock causeway, back-up area and port lighting system.

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