THE Philippine Ports Authority (PPA) said its net profit in the first 10 months was P9.76 billion, exceeding the year-earlier total by P1.30 billion, due to increased cargo volumes and vessel port calls.
In a statement, the PPA said revenue was P21.06 billion in the period, up 30.19% from a year earlier and approaching the revenue target for the full year.
“We believe this is a good sign and a great shift in gears during this rebound of the economy from the effects of the pandemic. The PPA has been very consistent in increasing our figures and completing quality projects,” PPA General Manager Jay Daniel R. Santiago said in the statement on Thursday.
In the first 10 months, service and business fees generated P8.70 billion worth of revenue.
Expenses rose 46.39% to P3.60 billion as the PPA ramped up project spending.
Currently, the PPA is implementing about 74 projects — 36 in Luzon, 19 in the Visayas and 19 in Mindanao.
For 2023 the PPA has a revenue target of P21.6 billion after posting a record P20.4 billion in 2022 with the lifting of pandemic restrictions.
Passengers were also approaching pre-pandemic levels, rising 19.01% to 9.19 million, the PPA said. — Ashley Erika O. Jose
