PPA posts 58% hike in net income, donates P20 million for Yolanda recovery

DPWH Usec. Romeo S. Momo (3rd from left) receives from PPA Board Chair Julianito G. Bucayan the check amounting to P20 million to help finance the rehabilitation of Yolanda-ravaged areas as PPA General Manager Juan C. Sta. Ana (2nd from left), Marina Deputy Administrator for Planning Atty. Nicasio Conti (3rd from right) and other members of the Board look on.

MANILA, FEBRUARY 3, 2014—The Philippine Ports Authority (PPA) posted higher net income in the first 10 months of 2013, enabling the agency to donate P20 million to Yolanda-ravaged areas.

Latest data showed that net income reached P4.87 billion in the January-October 2013 period or about 58.2% higher compared to the P3.08 billion registered in the same period of 2012.

According to PPA General Manager Juan C. Sta. Ana, the rise in net income was due to the constant decrease in the total expenses, which has been dragging the agencies revenue generation measures the past couple of months.

“The hike in net income only shows that the agency is reaping the benefits of reduced red-tape at the agency as well as transparency in operations,” Sta. Ana explained.

“We are reaching all-time highs in terms of increases in net income and I am very optimistic that this performance would carry over not only in 2013 but also this 2014,” Sta. Ana said.

“With the hike in net income, the agency was able to donate P20 million through the Department of Public Works and Highways (DPWH), to be used for the rehabilitation for Yolanda-ravaged areas,” Sta. Ana added.

Gross revenues, meanwhile, also went up by 22.42% to P9.02 billion from only P7.37 billion in 2012. Port revenues contributed P8.91 billion or about 23% bigger than the P7.23 billion raked in 2012 while the Fund Management Income (FMI) decreased by 17.21% to P111.15 million for the period in review as against the P134 million posted in the same period a year earlier.

Total expenses, on the other hand, went down by 3.25% to P4.154 billion wherein operating expenses decreased by 2.31% to P3.899 billion while non-operating expenses declined by 15.73% to P254.97 million.

According to Sta. Ana, the decrease in total expenses was due to the reduced spending in dredging and personal services while the drop in non-operating expenses was due to the decrease in interest payment for domestic and foreign-currency denominated loans and other charges.