Philippine Ports Authority 2016 income up 8%

March 3, 2017

Philippine Ports Authority said Friday net profit rose eight percent to P6.159 billion last year from P5.705 billion in 2015 due to growth 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 said overall favorable revenue performance is mainly affected by increase in volume of cargo and vessel traffic at the ports.

Port revenues rose by seven percent to P14.136 billion compared to 2015 total revenues. This is eight percent higher than the target.

Fund Management Income grew two percent to P90.69 million but compared to the target, the amount is higher by 99 percent since the goal is P45.49 million.

The positive performance is due to renewed investor confidence and upbeat consumer spending, and improved peace and order under the current administration, among others, facilitated the revamp in market interest rates, which in turn resulted in higher fund management income performance.

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

Total expenses went up by 6.4 percent to P8.067 billion last year, while non-operating expenses shot up by 34.61 percent to P529.09 billion. “With these kinds of figures, even with the higher forex 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 said. DMS