SBMA posts P1.2-B profit in 2013

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Thursday, February 6, 2014


SUBIC BAY FREEPORT -- A total of P1.2 billion in new profit was recorded last year by the Subic Bay Metropolitan Authority (SBMA), surpassing 2012 revenues of P824 million.

Roberto Garcia, SBMA chairman, said the 2013 net profit is the SBMA's highest in its entire 21-year history.

The SBMA's gross revenue of P2.09 billion and earnings before interest, taxes, depreciation, and amortization (EBITDA) of P992 million was posted as the highest in the agency's history, Garcia said.

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He said comparatively, the gross revenue of P2.1 billion that the agency generated in 2013 was 26.6 percent higher than the gross revenue of P1.6 billion in 2012.

Garcia said the growth in revenue came mainly from seaport operations of P588 million, an increase of 46 percent as compared in 2012; and regulatory operations of P404 million which increased by a hefty 82 percent over the previous year.

He said that SBMA's EBITDA rose significantly by 52.2 percent from P652 million in 2012 to P992 million in 2013.

"This has made 2013 another banner year in succession for SBMA, and we are pleased to report that our financial performance continues to improve substantially while investments also significantly exceeded the 2012 level," Garcia said.

He said approved investments in 2012 of P3 billion rose to P24.7 billion in 2013 or an increase of 723 percent and is seen to provide over 10,000 jobs over the next few years as projects get implemented.

Due to its continuing austerity program and effective cost control measures, the SBMA was also able to minimize the rise in operating expenses to 10 percent, thereby increasing its net income substantially, Garcia said.

He said that SBMA was able to secure final approval of its US$ 27 million loan refinancing package.

Garcia said that this will strengthen SBMA's balance sheet and will allow the agency to invest in much needed capital expenditures to improve security and vital Freeport infrastructure.

SBMA has programmed P617 million in capital spending for 2014. (Ric Sapnu)

Published in the Sun.Star Pampanga newspaper on February 07, 2014.

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