THE Philippine Ports Authority (PPA) posted a significant increase in net income during the first four months of the year due to higher cargo traffic.
“Such an increase was primarily attributable to the surge in cargo traffic at the ports,” PPA General Manager Juan C. Sta. Ana said in a statement on Thursday
PPA data showed that net income increased by 22.41 percent to P2.54 billion from P2.08 billion on-year.
Against the target of P1.36 billion, the state-owned PPA actually bested its goal by 86.47 percent.
Gross revenues were up 20 percent to P4.45 billion from P3.70 billion, of which P4.42 billion came from port revenues and P29.80 million from the Fund Management Income (FMI).
“The favorable FMI, meanwhile, was due to the increased volume of funds placed under special and high-yield deposits with Land Bank and the Veterans Bank,” Sta. Ana noted.
Expenses amounted to P1.90 billion, up P286 million or 17.66 percent from P1.61 billion. Compared with the target of P409 million, expenses were down 17.67 percent.