SBMA reports jump in income

MANILA, Philippines—The Subic Bay Metropolitan Authority posted a 62-percent surge in earnings before interest, tax, depreciation and amortization (Ebitda) to P738 million in the  first semester this year, from  P454 million it recorded a year ago.

In a statement issued Monday, SBMA chair Roberto Garcia said the increase in earnings could be attributed to a 27 percent increase in total operating revenues and a 6 percent decrease in total operating expenses. This gave SBMA a net income after tax of P322 million during the same period.

“This gives SBMA the desired spending power and fiscal flexibility to manage its various financial obligations,” Garcia added.

The SBMA chalked up P1.2 billion in revenue in the first six months of the year, of which P627 million came from leases, P380.8 million from port services, P8.3 million from tourism services, and P182.2 million from other operating incomes.

Operating expenses reached only P461 million, which consisted of P194.2 million spent for manpower, P80.8 million for bad debts, P43.5 million for electricity bills, P17.5 million for supplies, materials and fuel, P3.6 million for water, and P121 million for other operating expenses.

Garcia said the SBMA was committed to further improving its financial condition to develop facilities here and attract more investments in the Subic Bay Freeport Zone.