- About us
- IBJ Awards
- Free Sample
- Contact us
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.
CP sets date for combination with KCS(Posted on 28/03/23)
Canadian Pacific has said that, on 14 April, 2023, it will exercise the authority granted by the U.S... Read more
Historic results, outstanding performance and innovations for Logistec(Posted on 24/03/23)
LOGISTEC Corporation, a leading marine and environmental services provider, has announced its financial... Read more
65th Navigation Season opens on the St. Lawrence Seaway(Posted on 24/03/23)
Terence Bowles, President and CEO of the St. Lawrence Seaway Management Corporation (SLSMC), and Adam... Read more
AD Ports to develop Safaga Port and cement terminals in Egypt(Posted on 20/03/23)
Abu Dhabi based AD Ports Group, the leading facilitator of global trade, logistics, and industry, has... Read more
Grain handling expansion at Immingham(Posted on 20/03/23)
Grain handling at the Port of Immingham is increasing thanks to the new opportunities presented by investment... Read more
Marcor Stevedoring closes contract on new LHM 800(Posted on 07/03/23)
Marcor Stevedoring has signed a contract adding Liebherr’s largest and most powerful mobile harbour... Read more
AD Ports enters Uzbekistan logistics market via JV(Posted on 07/03/23)
AD Ports Group, an Abu Dhabi based leading facilitator of global trade, logistics, and industry, and... Read more
Logistec to expand North American network with FMT acquisition(Posted on 02/03/23)
LOGISTEC Stevedoring Inc., a subsidiary of LOGISTEC Corporation, a leading North American marine and... Read more
Bulk recovering as Bilbao launches improvement projects(Posted on 28/02/23)
End-of-year figures for total traffic in the Spanish Port of Bilbao stand at 32.7 million tonnes, up... Read more
Sept-Îles and Logistec reach important iron ore handling milestone(Posted on 24/02/23)
The Port of Sept-Îles and LOGISTEC Arrimage Inc. have announced that they have reached the impressive... Read more