SUBIC BAY FREEPORT: The Subic Bay Metropolitan Authority (SBMA) on Monday reported a healthy increase of 62 percent in its net profit for the first quarter of the current year, as compared to its performance for the same period in 2012.

According to SBMA Chairman Roberto Garcia, the agency’s net income expanded from P464 million to P753 million, as revenue improved by 32 percent and expenses were reduced by 16 percent.

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