The Philippine Ports Authority (PPA) has reported a surge of 34 percent in its net income which stood at PHP 2.3 billion (USD 46.3 million) for the first quarter of 2017.
The figure is higher by 32.8 percent against the target of PHP 1.78 billion. The company’s net income for the same three-month period of 2016 reached PHP 1.93 billion.
Gross income increased to PHP 3.48 billion, representing a 9.10 percent rise on PHP 3.19 billion collected in 2016, mainly attributed to an increase in arrastre and stevedoring fees, dockage fee, pilotage fee and the variable fees coming from the Manila ports cargo-handling operators Asian Terminals, International Container Terminal Services and Manila North Harbour Port.
In February, the PPA overhauled its growth forecast for this year despite registering a banner year in 2016 to flat due to vital developments, including the continuing volatility of the Philippine currency and the expected drop in the operation of the mining industry in the country.
The positive results generated during the period as well as the decline in total corporate expenditures contributed in the increase in net profit for the quarter.
For 2017, the revised Corporate Operating Budget (COB) was reduced to PHP 14.59 billion which is only 2 percent more than the 2016 COB as revenues from port dues, berthing, anchorage, arrastre/stevedoring, pilotage, wharfage for export, Ro-Ro fees as well as non-traditional income sources, are expected to shrink.