DESPITE higher port revenues due to increases in wharfage fees and vessel charges, the Philippine Ports Authority (PPA) recorded a 20.39% decline in net income to P993.96 million in the first quarter of the year from P1.24 billion in the same quarter last year.
The income is, however, 20.04% or P165.97 million higher than the target.
Port revenues reached P1.95 billion from January to March, up 3.04% from the same period last year and 1.45% more than the target of P1.924 million, thanks to increases in wharfage dues, vessel charges and fees from Asian Terminals, Inc.
Among ports that recorded outstanding revenues were Batangas, South Harbor, Davao, Iloilo and Limay.
For the period in review, fund management income declined 46.50% from P48.15 million to P25.76 million due to a dip in the placement of investible funds.
Total expenses grew to P984.65 million, 41.71% more than last year’s P694.81 million but 11% less than the target due to unincurred expenditures.
Higher expenses were attributed to a significant hike in repair and maintenance costs, depreciation charges, salaries of personnel and other administrative costs.
