STATEMENT OF INCOME

For the Months Ended December 31, 2011 and 2010

Year to Date Year to Date

2011 2010

REVENUES

Leases 907,064,858 869,880,034

Port Services 301,736,875 357,009,924

Tourism Services 8,552,780 11,564,559

Other Operating Income 181,417,891 186,344,674

TOTAL REVENUES 1,398,772,404 1,424,799,191

EXPENSES

Manpower Services - PS 266,367,799 280,140,704

Maintenance and Other Operating Expenses 803,815,381 777,934,587

TOTAL EXPENDITURES 1,070,183,180 1,058,075,291

INCOME (LOSS) FROM OPERATIONS 328,589,224 366,723,900

OTHER INCOME (EXPENSES)

Interest Income 55,783,392 63,616,883

Interest on Loans (141,937,583) (148,142,591)

Guarantee Fee and Other Charges (113,805,555) (106,143,117)

INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION, FOREX 128,629,478 176,055,074

LOSS/GAIN & TAX

Depreciation Expense (676,523,406) (720,119,022)

Gain (Loss) on Foreign Exchange (565,757,043) (659,165,605)

INCOME (LOSS) BEFORE INCOME TAX (1,113,650,970) (1,203,229,553)

INCOME TAX 5,033,672 419,048

NET LOSS (1,118,684,641) (1,203,648,601)

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Certified Correct by: Noted by:

EMILIA S. CANONIZADO ROBERTO V. GARCIA

Manager, Accounting Dept. Chairman and CEO