PPA nets P6.2 billion profit in 2016

February 27 2017 4:27 PM

 

The Philippine Ports Authority (PPA) posted a P6.159 billion net profit in 2016, on stronger revenue collection.

Compared to the year-ago level, the 2016 figure is 8 percent higher than the P5.705 billion registered in 2015.

PPA was able to achieve the feat with the strong figures coming from lay-up fees, Ro-Ro fees, berthing fees and remittances from Asian Terminals, Inc.

“All tariff items demonstrated growth with the exception of storage charges due to the introduction of various anti-port congestion efforts,” PPA General Manager Jay Daniel R. Santiago said.

He added that the overall favorable revenue performance was primarily affected by the increase in volume of cargo and vessel traffic at the ports.

PPA generated port revenues amounting to P14.136 billion, higher by 7 percent compared to the 2015 total revenues and 8 percent higher than the target.

Fund Management Income (FMI), on the other hand, also posted a minimal increase of 2 percent to P90.69 million.

The positive performance was attributable to the renewed investor confidence and upbeat consumer spending, and improved peace and order under the current administration.

Total revenues amounted to P14.227 billion or 7.08 percent higher than the 2015 figure of P13.286 billion.

Total expenses also went up by 6.4 percent to P8.067 billion wherein total operating expenses was pegged at P7.538 billion or 4.88 percent higher than the 2015 figure of P7.188 billion.

“With these kinds of figures, even with the higher Foreign exchange rate in favor of the dollar, we will be able to maintain our share to government coffers that it can use for its socio-economic programs,” Santiago added.

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