PPA profit rises 9% to P5.02B in H1

Net income of the Philippine Ports Authority rebounded by 9 percent in the first half to P5.024 billion from P4.611 billion in 2021 and 24 percent higher than the target of P4.056 billion.
The Department of Transportation, meanwhile, continues to study port petitions.

In an exclusive interview for Daily Tribune’s digital show Usapang OFW: Maritime Corner, Transportation Undersecretary for Maritime Elmer Francisco Sarmiento said importers sometimes shoulder huge amounts of shipping fees imposed by international shipping lines.

Revenues also higher

PPA’s gross revenues soared 14.28 percent to P9.438 billion for the period versus the P8.258 billion recorded in 2021, while expenses went up 14 percent to P4.413 billion from P3.646 billion in 2021.

Almost all revenue streams of the PPA grew from January to June when the highest revenue increase came from concession fees and other income that posted a 552 percent jump followed by storage fees that increased 55 percent and domestic dockage that went up by 28 percent.

Revenues from lay-up operations and interest incomes suffered the biggest setbacks for the period declining by 93 percent and 87 percent, respectively.

The PPA is averaging at a 9 percent increase in its revenues at least in the last 18 months, which is a steady pace moving toward pre-pandemic levels.

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