(The Philippine Star) | Updated February 5,
2014 - 12:00am
MANILA, Philippines - The Subic Bay
Metropolitan Authority (SBMA) has shattered its 2012 net profit record of P824
million when based on preliminary reports, it posted last year a net profit of
P1.2 billion, the agency’s highest in its entire 21-year history. SBMA 2013 gross revenues of P2.09 billion and
EBITDA of P992 million likewise posted the highest levels in the agency’s
history.
Comparatively, the gross revenue of
P2.1 billion that the agency generated in 2013 was 26.6 percent higher than the
gross revenue of P1.6 billion in 2012.
The growth in revenue came mainly from Seaport operations of P588
million an increase of 46 percent over 2013 and Regulatory operations of PP404
million which increased by a hefty 82 percent over the previous year.
While net income was buoyed by
favorable exchange rates, chairman Roberto Garcia noted that SBMA’s earnings
before interest, taxes, depreciation, and amortization (EBITDA) increased
significantly by 52.2 percent from P652 million in 2012 to P992 million in
2013. This is the true test of the agency’s effective strategic initiatives and
the efficiency in the execution of such initiatives.
“This has made 2013 another banner
year in succession for SBMA, and we are pleased to report that our financial
performance continues to improve substantially while investments also
significantly exceeded the 2012 level,” Garcia said. Approved investments in 2012 of P3 billion
spurted to P24.7 billion in 2013 or an increase of 723 percent. This will provide over 10,000 jobs over the
next few years as these projects get implemented.
Through the continuing austerity
program and effective cost control measures, the Agency was also able to
minimize the rise in operating expenses to 10 percent, thereby increasing its
net income substantially.
To cap off 2013, SBMA was able to
secure final approval of its USD27 million loan refinancing package. Garcia said that this will strengthen SBMA’s
balance sheet and will allow the Agency to invest in much needed capital
expenditures to improve security and vital Freeport infrastructure. To this end, SBMA has programmed P617 million
in capital spending for 2014.
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Garcia is set to deliver the his State
of the Freeport Address (SOFA) before the Freeport community and the Subic Bay
Freeport Chamber of Commerce Inc. (SBFCCI) on Feb. 27 at the Subic Bay
Exhibition and Convention Center (SBECC).
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