The Philippine Ports Authority (PPA) posted lower net income in the first eight months of the year due mainly to higher expenses.
Net income declined 12.3% to P2.23 billion from P2.66 billion in the same period last year but was higher by 26.58 % compared to the target.
Total expenses went up 17.77% to P3.53 billion from P2.99 billion last year and by 9.84% vis-à-vis the target. Of the total, operating expenses accounted for P3.22 billion, a rise of 7.62% from P2.99 billion in 2011. The latest operating expenses were also 17.60% more than the goal.
Non-operating expenses stood at P304 million for the eight-month period.
Gross revenues grew 3.64% to P5.85 billion versus last year’s P5.65 billion and was also higher by 1.81% versus the target.
Port revenues represented P5.73 billion of gross revenues, an increase of 3.27% from P5.55 billion. Compared to the target, the latest figure was higher by 1.09%.
Fund management income jumped 24.92% to P121.88 million from P97.57 million in 2011 and 52.50% against the target.
Meanwhile, PPA last month remitted to the Bureau of Treasury P117.025 million as full payment for government’s 2011 dividends.
Image courtesy renjith krishnan / FreeDigitalPhotos.net
