The Philippine Ports Authority (PPA) posted a 14.9% drop in net income for the first half of the year to P1.946 billion from last year’s P2.287 billion. Against the target of P1.382 billion, income improved 40.8%.
From January to June, gross revenues reached P4.11 billion, up P54.71 million or 1.35% from the same period in 2010. Of the total, port revenues contributed P4.043 billion, an increase of 1.78% from the first half last year but down P107.92 million against the P4.172-billion target.
Fund management income (FMI) brought in P67.58 million against last year’s P83.69 million, a decline of 19.25%. Compared to the target, FMI soared 219%.
Fees paid by International Container Terminal Services, Inc (ICTSI) amounted to P1.085 billion, which represented the bulk or 26.84% of the total port revenues. This was followed by wharfage fees at P1.024 billion, or a share of 25.33% to the total; vessel charges, P707 million (17.49%); Asian Terminal’s Inc (ATI) fees, P437.44 million (10.82%); and arrastre/stevedoring income, P283 million (7%).
Other income amounted to P273.6 million or 6.77% of the total port revenues; pilotage/ storage, P146.98 million or a share of 3.64%; and Manila North Harbour Port Inc fees, P85.79 million or 2.12% of the aggregate.
For the first half, expenses totaled P2.164 billion, 22.39% greater than last year’s P1.768 billion.
Personal services grew 13% due to early implementation of the third tranche of salary adjustments.
Total maintenance and other operating expenditures also rose on account of continued implementation of dredging and repair and maintenance projects, increase in interest payment and foreign and domestic borrowings, and higher appreciation charges.
Total expenditures for the first half was 22.42% or P625.42 million below the projected P2.79 billion. This may be attributed to deferred hiring of personnel pending implementation of the PPA rationalization plan, slow implementation of dredging and repair and maintenance programs, and lower depreciation.
Photo by paleololigo
