SBMA nets P1.2B in H1

MANILA, Philippines - The Subic Bay Metropolitan Authority (SBMA) recorded a net profit of P1.2 billion in the first six months of the year.

According to the SBMA’s midyear accomplishment report, the state-owned corporation obtained positive results in the first six months of 2014 in all the key results areas like investment generation, customs duties and tax collections, export production, as well as job creation.

“The continuing improvement in the agency’s financial performance stemmed from prudent fiscal management over the past few years, which successfully implemented various measures to balance the budget and promote a healthier financial condition for the organization,” SBMA deputy administrator for Business Ruel Kabigting told The STAR.

Kabigting said that in terms of committed investments, the SBMA posted $267 million in the first six months, a 400 percent improvement over last year’s $53 million.

Port revenues showed an increase of 52 percent in the first half of 2014 to cement a positive financial performance for the Subic Bay Freeport.

Tourism revenues grew 20 percent, to P8.29 million in the first six months of the year from P6.9 million a year ago.

The agency also posted a 62 percent increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to P737.89 million from P454.10 million.

The SBMA also projected a P1.017 billion EBITDA this year, having reached the level of P737.89 million in June 2014 compared to the P992 million total in 2013.