THE Philippine Ports Authority (PPA) posted an 18.86% increase in revenues for the first three quarters of the year, almost double its projection for the period.
Gross revenues reached P6.112 billion from P5.142 billion. Net income amounted to P2.247 billion, up 28.70% from last year’s P2.218 billion. After tax, income was P1.992 billion.
Revenues could have been more if not for the 32.19% increase in expenses to P3.865 billion, largely due to higher repair, maintenance and dredging costs.
Port revenues hit P5.970 billion, P910 million more than last year’s.
Fund Management Income also rose from P82.97 million to P142.30 million this year, a 71.5% improvement.
Fees from port operator International Container Terminal Services, Inc accounted for the bulk of port revenues with P2.046 billion or 34.28% of the total followed by wharfage dues, P1.216 billion; vessel charges, P887.21 million; fees from South Harbor operator Asian Terminals, P690 million; arrastre/stevedoring income, P489.70 million; other income, P439 million; and pilotage/storage, P200 million.
Against the nine-month target of P5.126 billion, actual revenues were up 19.25% or P986 million. FMI also exceeded the goal by P89.57 million or by 169.87%.
Total expenditures were 7.85% less than the projected P4.195 million.
Net income also surpassed the target — initially estimated at P931.05 million — by at least P1.061 billion or 113.97%.
