SUBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) posted P1.7 billion in earnings before interest, tax, depreciation and amortization in 2015.
SBMA chairman Roberto Garcia said the revenues represent an 11.89% increase over the P1.5 billion record in 2014.
“This positive inflow permitted us to undertake several infrastructure projects that were designed to improve the attractiveness of the Freeport to investors,” Garcia said.
As of December 31, 2015 the agency’s net income after depreciation and foreign exchange stood at P1.6 billion. A 109% loss on foreign exchange, however, pulled down income before tax to P1.1 billion, Garcia explained.
Last year’s operating revenue reached P2.75 billion, up 12.8%, while operating expenses were P1.05 billion, an increase of 14.4% over 2014.
The SBMA posted operating revenues last year of P1.34 billion derived from leases; P933 million from port services; P12.6 million from tourism services; and P466.2 million from other operating incomes.
The agency incurred operating expenses of P266.4 million in manpower; and P784.3 million in maintenance and other operating expenses.
In 2013, the SBMA under Garcia surpassed its all-time record by posting P1.2 billion in net profit, along with the highest gross revenue of P2.1 billion and the highest EBITDA of P992 million in the 21-year history of the Subic institution.
