MANILA, Philippines — State-run Philippine Ports Authority (PPA) posted a 16 percent increase in net income in the January to November period last year from a year ago on the back of higher revenues.
In a statement, PPA said net earnings reached P8.31 billion as of end-November last year, up from P7.16 billion in the same period in 2016.
PPA said the net profit also exceeded the agency’s forecast of P5.98 billion for the 11-month period.
Revenues for the January to November period grew 6.7 percent to P13.85 billion last year from P12.98 billion in the same period in 2016.
Port revenues rose 6.6 percent to P13.75 billion as of end-November last year from P12.90 billion in the same period in 2016.
The increase in revenues was due primarily to higher volume of traffic at the ports, as well as the adjustment in foreign exchange rates.
The ports with the highest revenues are National Capital Region South, Batangas, Davao, Bataan or Aurora and Surigao.
PPA’s fund management income also climbed 23 percent to P91.99 million as of end-November last year from P74.84 million for the same period in 2016 following the purchase of P500 million worth of treasury bills.
PPA’s expenditures, meanwhile, fell 4.7 percent to P5.54 billion as of end-November from P5.81 billion in 2016.
PPA general manager Jay Daniel Santiago said the agency is optimistic on the result for the full-year given the performance in the 11-month period.
“This performance exhibits an overall healthy financial condition with indications of strong ability to service obligations and long-term financial security,” he said.
“The agency will continue to work harder in 2018 to improve its revenues that will eventually translate to better and efficient ports and services for the public in the short- and long-terms,” he added.