(The Philippine Star) | Updated June 8, 2013 -
12:00am
MANILA, Philippines - Subic Bay Metropolitan
Authority (SBMA) chairman Roberto Garcia announced yesterday a 62-percent
increase in its net profit for the first quarter this year.
Garcia said
the agency’s net income expanded from P464 million to P753 million, as revenue
improved by 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.
According to
Garcia, SBMA revenues for the quarter came from seaport operations, which
improved revenues by 58 percent. Regulatory income also increased, growing 118
percent.
He said
additional revenue increases were gained from tourism activities, as well as
new land and building leases, which went up by 22 percent and 16 percent,
respectively.
On the other
hand, SBMA’s expenses decreased, such as repair and maintenance which went down
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 chairman said.
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