FINANCIAL REPORT STATEMENT OF INCOME AND EXPENSE For the Years Ended December 31, 2009 and 2008
2009
2008
REVENUES Leases Port Services Tourism Services Other Operating Income TOTAL REVENUES
954,725,487 501,669,763 7,669,975 208,705,489 1,672,770,715
975,107,298 388,522,191 13,625,777 196,913,585 1,574,168,852
412,044,483 854,593,410 1,266,637,893
415,298,852 800,119,256 1,215,418,108
406,132,822
358,750,744
75,298,624 (172,100,584) (102,476,933)
134,425,400 24,006,507 (187,350,274) (87,951,890)
EXPENSES Personal Services Maintenance and Other Operating Expenses TOTAL EXPENDITURES INCOME (LOSS) FROM OPERATIONS OTHER INCOME (EXPENSES) Interest Income Dividend Income Interest on Loans Guarantee Fee and Other Charges INCOME (LOSS) FROM OPERATIONS BEFORE FOREX GAIN/ LOSS , DEPRECIATION & TAX
206,853,929
Depreciation Expense
(755,641,019)
Gain (Loss) on Foreign Exchange INCOME (LOSS) BEFORE INCOME TAX
(765,424,393)
137,088,198
(2,013,090,671)
(411,698,893)
(2,536,634,577)
INCOME TAX
5,681,346
NET INCOME (LOSS)
241,880,488
(417,380,238)
3,312,884
(2,539,947,461)
CY 2009: Result of Operation
CY 2009: Result of Operation
Revenues for 2009 amounted to Php1.673 billion, an increase of 63% or Php 98.6 million from Php 1.574 billion in 2008. Majority of the increase can be attributed to income from port operations, due to increase in non-containerized cargoes and wharfage fees and related Import Export (IMPEX) processing fees, as well as increase in fees from lay-up of vessels in SBF.
Expenses increased by 2% or Php 41.436 million, from Php 1.981 billion in 2008 to Php 2.022 billion in 2009. This was due to payment for repairs/maintenance of road/bridges contract , subsidy to SCAD Council, consultancy services, and for other services.
The net result of operation registered a net loss of Php 417.4 million in 2009 or a favorable turn-over of Php 2.122 billion from 2008 net loss of Php 2.54 billion due to foreign exchange difference in 2008 and 2009. The depreciation expense amounting to Php755.6 million for the year 2009 and Php765.4 million for 2008, created a great impact on the reported net loss of SBMA. Before depreciation, SBMA registered a net income of Php 206.8 million for 2009 and Php 241.8 million for 2008. Large amount of the depreciation expense are attributable to properties turned over by the US gov't to SBMA and not actually acquired by SBMA.
Certified correct:
Noted by:
Signed
Signed
EMILIA S. CANONIZADO
ARMAND C. ARREZA
Manager, Accounting Department
Administrator and CEO