THE Philippine Ports Authority reported a 20.5 percent increase in net income to P5.58 billion last July from P4.63 billion a year earlier.
“The sustained positive outcome in shipping and trade at the ports—a result of the country’s upbeat economic and business atmosphere and heightened domestic demand—continue to spark progression in PPA’s operational and financial performance,” PPA General Manager Jay Daniel Santiago said in a statement released during the weekend.
Revenues went up 7.37 percent at P8.68 billion, compared with P8.07-billion in the same comparable period, surpassing by 5 percent the target of P8.26 billion.
“The total amount of revenue was, however, dragged down by the low collection of lay-up fees that dropped 77.5 percent and storage fees that slid 8.5 percent. The remittances from port operators International Container Terminal Services Inc., Asian Terminals Inc., as well as cargo-handling fees and port dues contributed the bulk of the revenue, growing by 12.81 percent, 11.35 percent, 12.04 percent and 11.15 percent, respectively,” the PPA said.
Operating and non-operating expenses totalled P3.09 billion, down 10 percent from P3.44-billion.
Earlier, the state-owned firm revised its 2017 financial outlook from steady to modest growth in light of increased cargo volumes being handled by ports.
The PPA aims to maintain its position in the “billionaires” club of government-owned and controlled corporations. It is now in fourth place after remitting P1.95 billion in dividends to the Treasury in May.