SBMA spending power up as income surges | Inquirer Business

SBMA spending power up as income surges

By: - Reporter / @amyremoINQ
/ 12:48 AM July 22, 2014

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

In a statement issued Monday, SBMA chair Roberto Garcia said the increase in earnings can 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.

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

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

Operating expenses meanwhile reached only P461 million, which was comprised 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.

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

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Last year, the SBMA posted a record high net profit of P1.2 billion, its highest gross revenue of P2.1 billion; and the highest Ebitda of P992 million in the 21-year history of the Subic institution.

The present SBMA administration headed by Garcia has been largely credited for turning around the agency’s financial standing from several years of non-profitability to attaining record earnings starting 2012.

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TAGS: Business, profitability, SBMA, Subic Bay Metropolitan Authority

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