The Philippine Ports Authority (PPA) recorded a 15% hike in net income despite the Manila port congestion, which troubled the port for the majority of 2014.
Net income after tax reached P 4.26 billion from P 3.70 billion posted in 2013, the latest data from the state-owned agency showed.
Gross revenues, on the other hand, posted an increase of 13.5% to P 12.57 billion for the period in review as against the 2013 registered amount of P 11.07 billion.
Port revenues posted the biggest increase in 2014 after posting about 25% hike from P 9.99 billion in 2013 to P 12.46 billion.
However, the Fund Management Income (FMI), which contributed with another half to the gross revenues of the port, declined significantly to P 103.21 million or about 16% below the 2013 level.
“The considerable increases in almost all aspects of the revenue generation process of the agency can be attributed primarily to the increase in traffic volume at the ports despite the congestion issue involving the Manila ports,” PPA General Manager Juan C. Sta. Ana said.
“The decrease in FMI, on the other hand, was due to the decline in interest rates on special and high-yield savings deposits and the termination of Bond Sinking Fund held by the Bureau of Treasury from which interest income is also derived,” Sta. Ana explained.
The congestion at the port of Manila was declared to be over at the beginning of March with port operations fully normalized. As informed, both the International Container Terminal Services, Inc. (ICTSI) and Asian Terminals Inc. (ATI) show improved efficiency as berthing schedules are being met promptly.