One of the state-run agency, Philippine Ports Authority (PPA) announced that the agency posted a 16 percent increase in net income in the month of January to November 2017 compared to the previous year.
In a statement released to the media, PPA's net earnings reached P8.31 billion as of end-November 2017, up from P7.16 billion in the same period last year.
The national government stated that the PPA net's profit also exceeded the agency's forecast of P5.98 billion for the 11-month period. Revenues for Jan-November period grew 6.7 percent to P13.85 bilion last year from P12.98 billion in the same period in 2016.
Port revenues rose 6.6 percent to P13.75 billion as of end-November last year from P12.90 billion in the same period in 2016.
The PPA explained that the increase in revenues of the agency was due primarily to higher volume of traffic at the ports, as well as the adjustments in foreign exchange rates.
Topping the list of ports with the highest revenues are the National Capital Region South, Batangas, Davao, Bataan or Aurora and Surigao.
PPA’s fund management income also climbed 23 percent to P91.99 million as of end-November last year from P74.84 million for the same period in 2016 following the purchase of P500 million worth of treasury bills.
In a statement released to the media, PPA's net earnings reached P8.31 billion as of end-November 2017, up from P7.16 billion in the same period last year.
The national government stated that the PPA net's profit also exceeded the agency's forecast of P5.98 billion for the 11-month period. Revenues for Jan-November period grew 6.7 percent to P13.85 bilion last year from P12.98 billion in the same period in 2016.
Port revenues rose 6.6 percent to P13.75 billion as of end-November last year from P12.90 billion in the same period in 2016.
The PPA explained that the increase in revenues of the agency was due primarily to higher volume of traffic at the ports, as well as the adjustments in foreign exchange rates.
Topping the list of ports with the highest revenues are the National Capital Region South, Batangas, Davao, Bataan or Aurora and Surigao.
PPA’s fund management income also climbed 23 percent to P91.99 million as of end-November last year from P74.84 million for the same period in 2016 following the purchase of P500 million worth of treasury bills.
Philippine Ports Authority (PPA) Posts 16% Increase in Net Income for 2017 Worth P8.32 Billion
Reviewed by Phil Newsome
on
January 23, 2018
Rating:
Reviewed by Phil Newsome
on
January 23, 2018
Rating:
