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Friday, March 29, 2024

PPA says 9-month profit rose to P5.99b

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State regulator Philippine Ports Authority said on Monday net income rose 16 percent in the first nine months despite the drop in storage fees due to the introduction of the terminal truck appointment and booking system early this year.

PPA said net income amounted to P5.99 billion in the January-to-September period from P5.16 billion year-on-year.

“The decrease in storage fee of about 39.56 percent brought about by the implementation of several anti-port congestion measures has been offset in the other revenue items as operations became more efficient and effective due to these measures, specifically TABS that hastened the movement of inbound and outbound containers at the Manila Ports,” PPA general manager Jay Daniel Santiago said.

Santiago said the modest increase in the fund management income of about 6 percent  to P68 million due to the hike in interest rates for special/high-yield savings deposits had also contributed to the strong revenue performance of the agency.

Gross revenues rose 8 percent to P10.62 billion during the period from P9.84 billion a year earlier. Port revenues reached P10.55 billion from P9.78 billion accumulated in the same period last year.

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Total expenses, meanwhile, decreased 1.1 percent to P4.63 billion from P4.69 billion in the first nine months of 2015 because of the gradual disbursement in the implementation of repair and maintenance projects complemented by the decrease in depreciation charges. 

Operating expenses declined 2.6 percent to P4.49 billion from P4.61 billion a year earlier. 

However, non-operating expense increased 81 percent to P145.02 million from just P80.11 million registered in the January-to-September 2015 period.

Combined yard utilization at the two Manila ports stood at 65 percent or about  52,900 twenty-foot equivalent units are inside the terminals, while yard productivity remains high ranging from 20 to 30 moves an hour.

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