The Philippine Ports Authority’s (PPA) net income slipped slightly in the first five months of the year despite higher port revenues and fund management income (FMI).
From January to May, income dropped 0.51% to P1.685 billion from P1.694 billion in the same period last year. Against the target of P1.351 billion, the latest figure is 24.75% higher.
“The traditional sources of revenues derived from vessels and cargoes, remittances from terminal operators and government share from cargo-handling have continued to build a favorable revenue base to support PPA operations and infrastructure development,” PPA said in a report.
“While PPA’s net income during the first five months of 2012 exceeded the target, it is lower than the 2011 figures due to higher expenses from January to May this year,” PPA added.
Gross revenues hit P3.516 billion, 4.17% more than the P3.375 billion registered in the comparable period last year. Compared to the target of P3.529 billion, the latest figure was lower by 0.36%.
Port revenues totaled P3.456 billion, up 4.19% from last year’s P3.317 billion and 0.68% over the target of P3.480 billion.
FMI registered a 2.70% growth from P58.23 million to P59.80 million. Against the target of P58.23 million, this represents a 22.02% improvement.
Total expenses amounted to P1.830 billion, up 8.88% from last year’s P1.681 billion and 15.94% higher than the target.
