THE Philippine Ports Authority (PPA) generated revenues amounting to P3.9 billion in the first seven months of the year, 7.31% higher than last year’s P3.63 billion and surpassing the target by 5.74%.
Net income also rose 25.31% to P1.47 billion.
Port revenues reached P3.84 billion, a growth of P257 million while Fund Management Income (FMI) ballooned to P59.57 million, up P8.78 million or 17.29%.
Of the total port revenues for the seven-month period, International Container Terminal Services, Inc (ICTSI) contributed the largest at 35.23% or P1.353 billion. ICTSI fees exceeded the target by 4.36% or P56.49 million.
The second-largest contribution came from wharfage fees, which generated P790.75 million, representing 20.59% of the total. The figure was, however, off target by P14.71 million or 6.06%.
Income from arrastre/stevedoring reached P675.84 million or 17.6% of the total port revenues; vessel charges, P566.05 million (14.74%); other sources P334.6 million (8.71%); and pilotage and storage fees, P120.55 million (3%).
Of the P2.427 billion in total expenditures, operating expense represented P2.122 billion and non-operating expense, P305.05 million.
Total expenses for the seven-month period reached P2.427 billion, P31.82 million or 1.29% lower than last year’s P2.458 billion. This can be attributed to the decrease in dredging and repair and maintenance, the PPA said.
Non-operating expenses were tamed at P305.05 million or 2.49% less compared to the P312.83 million in 2008.
For July alone, PPA’s net income grew 27.01% or P313 million.
Port revenues improved 4.42% over the target of P3.67 billion.
FMI amounted to P59.57 million, up by a whopping P48.79 million or 452.65% from the July target of P10.78 million.
Actual total expenditures of P2.427 billion dropped 4% from the July goal of P2.528 billion due to lower depreciation charges.
