Philippine Ports step up infrastructure upgrades as revenues surge
(Posted on 24/05/18)
The Philippine Ports Authority (PPA) is accelerating its port infrastructure projects after port revenues posted strong figures in the first three months of the year.
PPA continues to post favourable performance after posting a banner year in 2017 in terms of revenues and dividend remitted to the national coffers.
PPA General Manager Jay Daniel R. Santiago said the positive deviation provides the agency bigger elbow room to further improve the ports with high concentration of cargoes and passengers. “We have been injecting so much investment in our ports in support of the Build-Build-Build programme of the Duterte Administration,” Santiago explained.
“Dredging as well as repair and maintenance costs comprise almost entirely our Expenses for the period, all aimed at making our ports efficient and more responsive to the demands of times,” Santiago said.“Once completed, these projects will definitely boost our revenues and eventually our income all anchored on faster turnaround of vessels and cargoes in our ports,”
Santiago added that as a sign of good tidings, the PPA also eclipsed its first quarter target by at least 60%. Total revenues registered a positive deviation with a 9% hike from P3.476 billion in 2017 to P3.783 billion raked in for the period in review, anchored on the strong performance of the Government share from Storage Fees that went up 50%; Layup Fees by 183%, among others.
Fund Management Income, on the other hand, booked a 26.6% hike for the period in review from P24.02 million last year to P30.41 million this year.
Net income, however, declined by some 4% to P2.259 billion from P2.364 billion last year owing to the agency’s high expenses for the period particularly on repair and maintenance and dredging.
Total Expenses for the period, meanwhile, soared by 37.03% from P1.112 billion last year to P1.523 billion this year. Cash and Non-cash Expenses are higher by 46.56% (P740.61 million) and 29.10% (P783.35 million), respectively. Dredging expenses, in particular went up by 644% while repair and maintenance recorded an increase of 117%.
Among the areas where ports are being improved include Puerto Princesa, Eastern Leyte, Ilocos Norte, Occidental Mindoro, Batangas, Ozamiz.
Pilbara Ports Authority (PPA)has delivered a total monthly throughput of 56.7 million tonnes (Mt) for... Read more
The Port of Rotterdam Authority has launched its new company PortXchange Products BV (“PortXchange... Read more
The British Ports Association has launching a new joint smart ports paper with the Port of Rotterdam... Read more
Essar Ports’ 20 MTPA Essar Bulk Terminal Salaya Ltd (EBTSL), which operates the deepest draft... Read more
A new high-technology shipping control tower has opened in the Port of Port Hedland - the world's largest... Read more
Essar Bulk Terminal Ltd (EBTL), operators of the 50 MTPA bulk terminal in Hazira, Gujarat, has announced... Read more
Peel Ports Group has reached a significant milestone at the Port of Sheerness Wellmarsh development... Read more
South African Bulk Terminals is the largest grain handling organisation in the South Africa, shipping... Read more
Shi.E.L.D. Services, a transhipment logistics leader, launched in 2018 and born out of the renowned... Read more
The total freight volume handled by Port of Antwerp was up 0.7% during the first six months compared... Read more