By Amy R. Remo |Philippine Daily Inquirer

12:48 am | Tuesday, July 22nd, 2014

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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.

“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 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.

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.

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.