PPA books a 9 per cent hike in 1H income, steadies pace in pandemic recovery

Industrial cargo cranes in Manila bay, Philippines

The Philippine Ports Authority (PPA) continues to rebound from the effects of the global pandemic as net income increased by 9 per cent in the first six months of the year.

Data from the PPA showed that net income for the period in review reached P5.024 billion ($90 million) from P4.611 billion ($82.5 million) registered in 2021.

The agency’s net income is now 13 per cent down compared to the pre-pandemic figure. PPA’s net income declined by as much as 50 per cent during COVID-19 in 2020.

Gross revenues, on the other hand, soared 14.28 per cent to P9.438 billion ($168.8 million) for the period versus the P8.258 billion ($147.9 million) recorded in 2021.

In terms of containerised cargo traffic, a 2.66 per cent hike was recorded to reach 3,733,000 TEU anchored on the 6.14 per cent increase posted by imported boxed cargoes. Domestic box volume, meanwhile, declined by 1.83 per cent to 1,413,000 TEU.

The PPA is averaging a 9 per cent increase in its revenues at least in the last 18 months, which is a steady pace moving toward pre-pandemic levels.

The largest container terminal in the Philippines is the Manila International Container Terminal.

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