Healthy Financial Status: SBMA Makes Waves

“A much improved business environment in the Freeport in the 1st semester paves the way for better bottom lines and the start-up operations of many new locators”  – Chairman & Administrator Roberto V. Garcia

 

The Subic Bay Metropolitan Authority (SBMA) is in a healthy financial state, posting a net income of P653,703,165.00, as of the end of the second quarter, according to the SBMA report obtained by Subic Bay News.

The SBMA report shows that the agency actually recorded a total revenue of P1,375,727,703.00 for the period, coming from Leases, Port Services, Other Operating Income and Tourism, in that order.

Expenses from Manpower Services, Maintenance and Other Operating Expenses, including Interest On Loans, Guarantee Fee and Other Charges left SBMA with some P823,489,866.00 Income From Operations Before Depreciation, Forex Loss/Gain & Tax.

Income Before Income Tax was at P671,511,362.00. Less the P17,808.00 Income Tax, the Net Income was, therefore, P653,703,165.00, some P417,320,625.00 more than the previous year’s record for the same period.

The SBMA’s 1st and 2nd Quarter Performance placed the agency in a very strong cash position with some P2,547,589,492.00, up by 37.75% with a variance of P698,167,535.00 compared to the previous year.

SBMA Chairman Roberto V. Garcia attributes the agency’s success to sound management practices, a strong and quality workforce and cooperation by locators, concerned government agencies and the outlying communities. (LGV)