The Philippine Ports Authority (PPA) reported a 6.9% drop in net income to P3.080 billion in the first ten months of 2012 from P3.309 billion during the same period in 2011.
The latest figure is, however, double the target of P1.577 billion, on account of unincurred expenses in repair and maintenance, dredging and other administrative costs.
“The traditional sources of revenues derived from vessels and cargoes, remittances from terminal operators and government share from cargo handling have continued to improve thereby enabling PPA to sustain its operations and infrastructure development,” PPA said.
Gross revenues from January to October rose 4.75% to P7.373 billion against the previous year’s P7.039 billion and were 1.84% more than the P7.240-billion goal.
Port revenues increased 4.59% to P7.239 billion from P6.921 billion. The latest figure is also higher by 1.40% compared to the target of P7.139 billion.
Fund management income (FMI) jumped 13.92% to P124.26 million from P117.85 million, thanks to interest earned from the Bond Sinking Fund. FMI outpaced the P100.54-million target by 33.54%.
Total expenses grew 15.12% to P4.293 billion from P3.729 billion due to higher personal services, repairs and maintenance and other administrative costs. The latest figure is lower than the goal of P5.663 billion.
Operating expenses advanced 16.43% to P3.991 billion against P3.427 billion but were 25.68% less than the target of P5.370 billion.
Non-operating expenses amounting to P302.55 million were more than the previous year’s P301.81 million and higher than the target of P292.85 million.
