The Philippine Ports Authority (PPA) posted a 4.8% decline in net income from January to November to P3.518 billion from P3.699 billion in the same period last year.
The latest figure was, however, higher by 47.64% compared to the P2.383-billion target.
Gross revenues increased 5.2% from P7.515 billion to P7.906 billion for the first eleven months of 2011. PPA attributed the improvement to strong performance of traditional revenue sources including vessel and cargo fees, remittances from terminal operators, and government share from cargo handling. Gross revenues were also higher by 2.75% against the target of P7.694 billion.
Port revenues grew 5.77% from P7.354 billion in 2010 to P7.779 billion, and were also 1.64% more than the goal of P7.653 billion.
Fund management income (FMI), however, declined 20% from P160.50 million to P126.92 million due mainly to lesser short-term investments of funds earmarked for still unincurred expenditure items. But compared to the target of P40.70 million, the latest figure soared 211%.
Continued implementation of repairs and maintenance projects jacked up total expenses by 15% to P4.387 billion from P3.699 billion. Against the P5.311 billion projection, expenses were lower by 17.39%.
