The Philippine Ports Authority (PPA) grew its net income by 16 percent in the first 11 months of 2017.
Data released by the Department of Transportation showed that the PPA posted a net income of P8.310 billion from January to November 2017 period, up 16 percent from P7.164 billion in the same period in 2016.
“PPA was able to achieve the feat through its sound financial condition and strong Philippine economic status despite having some concerns with the Philippine peso the entire year,” the DOTr said.
The expected net income of P5.983 billion was surpassed for the period by P2.236 billion or 38.87 percent. “The performance of the PPA is way above expectation as we were able to eclipse almost all forecast levels of the financial facet of the agency,” PPA General Manager Jay Daniel Santiago said.
“We expect an even bigger margin when our December figures start to come in. Not only for December but for the entire 2017 considering that we overshoot our targets by at least 10 percent every month until the end of November,” Santiago added.
The total revenue grew by 6.71 percent to P13.846 billion from P12.976 billion in the same period in 2016. Due primarily to increase in volume of traffic at the ports as well as the adjustments in foreign exchange rates, port revenue went up by 6.61 percent to P13.754 billion from P12.901 billion.
The top five revenue earners were NCR South, Batangas, Davao, Bataan/Aurora, and Surigao. Total expenditures fell by 4.73 percent to P5.537 billion from P5.811 billion in 2016 wherein operating expenses amounted to P5.398 billion, down 5 percent from P5.657 billion a year earlier. Non-operating expenses likewise went down by 9.9 percent to P139.02 million from P154.30 million in 2016.
“This performance exhibits an overall healthy financial condition with indications of strong ability to service obligations and long-term financial security,” Santiago said.
“The agency will continue to work harder in 2018 to improve its revenues that will eventually translate to better and efficient ports and services for the public in the short- and long-terms,” he added.