The Philippine Ports Authority said Wednesday net income rose 9 percent in the first half as it sustained its rebound from the effects of the global pandemic.
Data from the PPA showed net income in the six-month period reached P5.024 billion, up from P4.611 billion registered in the same period in 2021. It also exceeded the P4.056-billion target for the period by 24 percent.
Gross revenues climbed 14.28 percent in the first half to P9.438 billion from P8.25 billion a year ago. Expenses went up 14 percent to P4.413 billion from P3.646 billion.
PPA said almost all revenue streams posted a positive deviation in the first six months, with the highest revenue increase from concession fees and other income posting a 552-percent hike, followed by storage fees that increased 55 percent and domestic dockage that went up by 28 percent.
Revenues from lay-up operations and interest incomes suffered the biggest setbacks of 93 percent and 87 percent, respectively.
The PPA posted a 9-percent increase in revenues in the last 18 months, reflecting a steady pace moving toward pre-pandemic levels.
PPA said earlier that total cargo throughput went down 1.46 percent to 125.485 million metric tons from 127.343 MMT in the same period last year. Export volume posted the most significant decrease of 14.4 percent, dragging the total foreign cargo volume by 5.5 percent.
It said containerized cargo traffic increased 2.66 percent to 3.733 million twenty-foot equivalent units anchored on the 6.14-percent growth posted by imported boxed cargoes. Domestic box volume declined 1.83 percent to 1.413 million TEUs.
Passenger volume posted a 144-percent increase with the resumption of domestic tourism, trade and regular travel activities earlier this year.