The Philippine Ports Authority (PPA) netted P5.024 Billion earnings in the first six months of the year, up 9 percent versus the P4.611 billion in the same period in 2021, as the agency continues to rebound from the effects of the global pandemic.
PPA’s net income is now only 13 percent down compared to the pre-pandemic figure. PPA's net income declined by as much as 50 percent during the onslaught of COVID-19 in 2020.
Gross revenues, on the other hand, soared 14.28 percent to P9.438 billion for the period versus the P8.258 billion recorded in 2021.
Expenses went up 14 percent to P4.413 billion from P3.646 billion in 2021.
Almost all revenue streams of the PPA posted a positive deviation for the January to June 2022 period.
The highest revenue increase came from concession fees and other income posting a 552 percent hike followed by storage fees that increased 55 percent, and domestic dockage that went up 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.
On the average, PPA posted a 9 percent increase in its revenues at least in the last 18 months, a steady pace moving toward pre-pandemic levels.
PPA is also bent on further improving its operations and slowly expanding from there.
Earlier, PPA reported that total cargo throughput went down 1.46 percent to 125.485 million metric tons (MMT) from 127.343 MMT in the same period last year.
Export volume posted the most significant decrease of 14.4 percent dragging the total foreign cargo volume by 5.5 percent
In terms of containerized cargo traffic, PPA recorded a 2.66 percent to 3.733 million twenty-foot equivalent units (TEUs) anchored on the 6.14 percent increase posted by imported boxed cargoes.
Domestic box volume, meanwhile, declined by 1.83 percent to 1.413 million TEUs.
Passenger volume again posted a 144 percent increase with the resumption of domestic tourism, trade, and regular travel activities earlier this year.