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PPA net income up 31.34% to P5.817B in H1

Wednesday, 25 September 2019 | 00:00

The Philippine Ports Authority (PPA) said its earnings in the first half surged by 31.34 percent on strong port activities realized across the Philippines.

In a report released Monday, the PPA said net income reached P5.817 billion, up from the P4.428 billion booked a year earlier. The booked profit was also higher than the PPA’s target of P2.751 billion.

Its revenues in the period, which exceeded the initial goal of P8.17 billion, also climbed 12 percent to P8.995 billion versus the P8.026 billion in 2018.

“Increased volume of activities registered in various ports nationwide contributed to the recorded improvements in shipping and trade performance as of end of June,” it said.

“The continued strong economic performance and upbeat business environment continue to support improved volume of port traffic,” the PPA added.

Total cargo throughput reached 128.667 million metric tons (MMTs), slightly up by 3.74 percent against the previous 124.033 MMTs.

Domestic cargoes, however, fell by 3.54 percent to 49.72 MMTs due to the decrease in traffic at port management offices in National Capital Region-North, Batangas, Negros
Occidental/Bacolod/Banago/, Marinduque, Western Leyte/Biliran, Bohol and Lanao del Norte.

Container traffic in the January-June period also jumped by 5.74 percent to 3.84 million twenty-foot equivalent units (TEUs) from 3.63 million TEUs.

Passenger traffic, meanwhile, also recorded 4.79 percent growth to 44.778 million from 42.729 passengers in the prior year.

Vessel calls, on the other hand, went up by 3.19 percent to 246,586 from 236,967 in 2018.
Source: Manila Times

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