The Philippine Ports Authority (PPA) posted a net income of P5.316 billion for the first seven months of 2018, a decline of 4.78 percent from P5.583 billion posted during the same period last year.

PPA Performance report showed that the lower net income in the first seven months of the year was mainly due to higher expenses particularly on repair, maintenance and land improvement projects which soared 95.32 percent to P957.73 percent and increased dredging operation costs by P78.81 million or 359.86 percent.

Total revenues in the first seven months of 2018 increased by 9.74 percent to P9.525 billion from P8.679 billion a year earlier.

“The growth in revenue was attributed to the recorded increase in cargo and vessel traffic, tariff rate adjustments and the favorable impact of dollar denominated tariff which contributed to the growth in port dues, berthing, wharfage dues, storage and arrastre or stevedoring,” said PPA General Manager Jay Daniel Santiago in a report.
Among the ports which contributed to the overall increase in revenues were NCR South, Batangas, Davao, Bataan/Aurora and NCR North.

As expected expenses went up 35.94 percent to P4.209 billion from P3.096 billion last year, primarily due to port repair and maintenance and land improvements.

“PPA’s financial position indicated a strong financial condition and liquidity as can be seen in the increase in net worth byP1. 728 billion or 1.43 percent,” it said.

Meanwhile, Philippine cargo throughput for January to July this year, slightly increased by 1.98 percent due to high volume in the domestic trade brought by positive business climate.

Container traffic reached 4.309 million TEUs for the first seven months compared to last year’s 3.953 million TEUs. The domestic containers handled went up 10.37 percent to 1.755 million TEUS. Foreign container traffic expanded 8.07 percent to 2.553 million TEUs wherein imports rose by 7.44 percent to 1.29 million TEUs while export volume increased by 8.71 percent to 1.263 million TEUs.

The number of passengers increased to 47.592 million as of end July, higher by 6.63 percent than the 44.631 million registered in the same period last year mainly due to the continued reliance by the sea-travelling public on Ro-Ro vessels, fast crafts, and motorized bancas for inter-island travel particularly in the ports of Bohol, Mindoro, Negros Oriental and Siquijor and Negros Occidental-Bacolod-Banago area and Surigao.

“The positive stream in passenger traffic is also due to the favorable response of the public to the government’s domestic eco-tourism programs encouraging inter-island leisure travel through Ro-Ro vessels,” PPA said.

The growing international cruise tourism industry has contributed positively to the overall performance of the country’s passage industry which soared by 216.85 percent from 72,397 international cruise passengers last year to 229,388 passengers this year. The concentrations of cruise ship passengers were in the ports of Surigao, Manila, Panay/Guimaras, Zamboanga and Batangas.

There was no sign of port congestion in any of the major gateway ports of the Philippines particularly in the Manila ports.

“PPA ensures that the ports remain free from congestion and in effect provide seamless and uninterrupted services to port stakeholders,” it said.

South Harbor has the highest yard utilization rate with 84.46 percent, followed by Manila International Container Terminal (MICT) with 69.54 percent and North Harbor, 49 percent.

Courtesy of: The Manila Times

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