By Ric Sapnu
(The Philippine Star) | Updated May 27, 2013 - 12:00am
SUBIC BAY FREEPORT , Philippines –
The Subic Bay Metropolitan Authority (SBMA) is reporting a healthy
increase of 62 percent in its net profit for the first quarter as compared to
its performance for the same period in 2012.
SBMA chairman
Roberto Garcia said the agency’s net income expanded from P464 million to P753
million as revenue improved 32 percent, and expenses were reduced by 16
percent.
“Just like
last year, the agency’s improved financial performance for the first quarter
can be attributed to higher revenues and reduced expenses,” Garcia noted,
referring to SBMA’s 2012 net profit of P811 million which was the highest ever
in the agency’s 20-year history.
Garcia said
SBMA’s revenues for the quarter came from its seaport operations which improved
revenues by 58 percent and its regulatory income which grew by 118 percent.
He said that
additional revenue increases were gained from tourism activities, as well as
new land and building leases which advanced by 22 percent and 16 percent,
respectively.
Contributing
equally to SBMA’s better financial performance for the same period was a
corresponding decrease in its various expenses such as repair and maintenance
by 85 percent, and power and water consumption by 59 percent, as a result of
the agency’s conservation programs.
“But what is
truly noteworthy is that SBMA’s Earnings Before Interest, Taxes, Depreciation,
and Amortization (EBITDA) increased substantially by 141 percent. This means
the agency is not only pursuing effective strategic initiatives but is
implementing them efficiently as well,” Garcia said.
For 2012,
SBMA recorded an improvement of 91 percent in its EBITDA, as its operating
profit rose from P328 million in 2011 to P628 million for the year.
“Moving
forward, we hope to strengthen the agency’s financial turnaround further to
provide funds for our strategic plans, including the implementation of long
overdue salary increases of SBMA employees and the procurement of badly needed
equipment for security, maintenance and infrastructure development work,” the
SBMA chair added.
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