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SBMA posts record-high PHP387-M income in January

By Ruben Veloria

February 28, 2022, 5:21 pm

SUBIC BAY FREEPORT – Boosted by a resurging seaport trade, the Subic Bay Metropolitan Authority (SBMA) recorded an income of PHP387 million last January, the highest monthly revenue ever recorded in the Subic agency’s almost 30 years of history.

SBMA chair and administrator Wilma T. Eisma said on Monday the operating revenue posted in January 2022 was higher by 92 million, or 31 percent, compared to that in the same period last year.

The highest monthly revenue previously recorded by the SBMA was PHP358 million in “pre-pandemic” June 2019.

The other record highs were PHP343 million in December 2021; PHP337 million in October 2020; PHP324 million in October 2018; and PHP298 million in July 2017.

This record-breaking income in January, Eisma said, was accompanied by other positive indicators: an 11-percent increase in operating expense that was higher by PHP10 million; 41-percent growth in earnings before interest, taxes, depreciation, and amortization; and a 20-percent increase in net income before tax with subsidy, which at PHP222 million was higher by PHP38 million.

Eisma also said SBMA’s seaport operations alone contributed PHP221.4 million, with PHP91.62 million from cargo charges; SBMA shares from terminal income --PHP75.32 million; leases and rentals -- PHP34.17 million; and vessel charges --PHP12.28 million.

“We are hoping that this January, record will be a foretaste of what’s to come in the succeeding months, as we ease down into normalcy with the waning Covid-19 pandemic,” Eisma said in a media interview.

The SBMA, she added, has set its sights higher this year, especially with seaborne trade, after realizing an actual increase in container cargo traffic even at the height of the pandemic last year.

According to a profit and loss statement from the SBMA Financial Planning and Budget Department, other than the PHP221 million from seaport operations, the agency’s January 2022 revenue of PHP387 million was enhanced by PHP111 million in land and building leases; PHP28 million in regulatory income; PHP8 million in housing leases; PHP6 million in airport operations; PHP.67 million in tourism collections; and PHP12 million in miscellaneous income.

Although land and building leases suffered a 1.8 percent decrease from its 2020 level of PHP113 million, it still contributed PHP64.73 million in land leases and PHP45.98 million in building leases this year, said SBMA budget officer Edith Marzal.

The slight decline in land and building leases was easily offset by a 65 percent increase in seaport income, a 35 percent rise in housing leases, and a 20 percent growth in miscellaneous income, she added.

Marzal also said SBMA's airport operations income likewise showed a 6 percent increase in January 2022 compared to last year’s record, while regulatory fees grew by 8 percent, and tourism income by 48 percent.

Meanwhile, the SBMA reported an aggregate 11 percent increase in its expense accounts with PHP67 million in manpower payroll services; PHP12 million in debt servicing; PHP10 million in occupancy costs; PHP1 million in repair and maintenance; PHP.07 million in advertising and promotion; and PHP14 million in various services.

The single biggest item in SBMA expenses was manpower cost for regular employees, which stood at PHP64.7 million, followed by contractual services at PHP14 million. (PNA)

 

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