The Philippines: PPA Posts 58 Pct Hike in Net Income
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.
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.
Press Release, February 4, 2014