The Philippine Ports Authority (PPA) posted a P6.159 billion net profit for calendar year 2016, beating the target by 165% or P3.836 billion.
PPA was able to achieve the feat with the strong figures coming from lay-up fees, Ro-Ro fees, berthing fees and remittances from Asian Terminals, Inc.
Compared to the year-ago level, the 2016 figure is 8% better against the P5.705 billion registered in 2015.
“All tariff items demonstrated growth with the exception of storage charges due to the introduction of various anti-port congestion efforts,” PPA General Manager Jay Daniel R. Santiago said.
He added that the overall favorable revenue performance is primarily affected by the increase in volume of cargo and vessel traffic at the ports.
Port revenues, meanwhile, amounted to P14.136 billion, higher by 7% compared to the 2015 total revenues and 8% higher than the target.
Fund Management Income (FMI), on the other hand, also posted a minimal increase at 2% to P90.69 million. However, compared to the target, the amount is higher by 99% since the target is only pegged at P45.49 million. The positive performance is attributable to the renewed investor confidence and upbeat consumer spending, and improved peace and order under the current administration, among others, facilitated the revamp in market interest rates, which in turn resulted in higher FMI performance.
Total revenues amounted to P14.227 billion or 7.08% higher than the 2015 figure of P13.286 billion and 8% higher than the target of P13.142 billion.
Total expenses also went up by 6.4% to P8.067 billion wherein total operating expenses is pegged at P7.538 billion or 4.88% higher than the 2015 figure of P7.188 billion and 29% higher than the target of P10.638 billion. Non-operating expenses shoot up by 34.61% to P529.09 billion as against the 2015 figure of P393 billion. Against the target, the NOE is higher by 191.35%.
“With these kinds of figures, even with the higher forex rate in favor of the dollar, we will be able to maintain our share to government coffers that it can use for its socio-economic programs,” Santiago added.