WG&A Phils. posted a consolidated net income after tax of P255 million for the three quarters ending September 30, 2003, down 19.5% from the P317 million income reported during the same period last year.
Revenues were higher but these were offset by higher fuel cost, higher depreciation, foreign exchange loss on the company’s container lease obligation, higher interest expense from the financing of Superferry 15 and 16, and retrenchment pay of Cebu Ferries Corp. employees.
Consolidated net revenues of P5.6 billion for the three quarters of 2003 registered a 6% hike, P312 million above the P5.3 billion net revenues reported during the same period last year. This despite fewer voyages completed during the three quarters of 2003 brought about by scheduled drydocking of four vessels and technical downtime of one vessel.
Passage operations posted a revenue growth of 5%, from P2.62 billion in 2002 to P2.74 billion in 2003. Freight operations also registered an increase in revenue of 7% from P2.7 billion in 2002 to P2.9 billion in 2003.
Total operating and administrative costs for the three quarters grew to P5.2 billion, 9% more than the P4.7 billion expenses during the same period last year.
