PPA income up on higher cargo volume
Robust domestic and international trade boosted earnings of the Philippine Ports Authority by 32 percent in the first five months.
PPA said net income rose to P3.96 billion from January to May as revenues went up 11.6 percent to P6.05 billion.
Revenues from port operations amounted to P6.02 billion.
“The positive deviation in revenue from last year?s performance is primarily the result of heightened business activity at the ports coupled with the impact of foreign exchange on dollar denominated tariff,? PPA said.
Fund management income, on the other hand, slipped 6.38 percent to P34.21 million owing to the fluctuations in the interest rates on special and high-yieled savings deposits.
FMI is purely a passive income on investment in treasury bonds and other temporary/short-term investments placed with PPA?s depository banks such as Philippine Veterans Bank and Land Bank of the Philippines.