fs_2009_vs_2008_is
DESCRIPTION
Certified correct: Noted by: FINANCIAL REPORT 206,853,929 241,880,488 STATEMENT OF INCOME AND EXPENSE For the Years Ended December 31, 2009 and 2008 INCOME (LOSS) FROM OPERATIONS BEFORE FOREX GAIN/ LOSS , DEPRECIATION & TAX REVENUES Manager, Accounting Department Administrator and CEO related Import Export (IMPEX) processing fees, as well as increase in fees from l ay-up of vessels in SBF. EXPENSES CY 2009: Result of Operation CY 2009: Result of OperationTRANSCRIPT
FINANCIAL REPORT
STATEMENT OF INCOME AND EXPENSE
For the Years Ended December 31, 2009 and 2008
2009 2008
REVENUES
Leases 954,725,487 975,107,298
Port Services 501,669,763 388,522,191
Tourism Services 7,669,975 13,625,777
Other Operating Income 208,705,489 196,913,585
TOTAL REVENUES 1,672,770,715 1,574,168,852
EXPENSES Personal Services 412,044,483 415,298,852
Maintenance and Other Operating Expenses 854,593,410 800,119,256
TOTAL EXPENDITURES 1,266,637,893 1,215,418,108
INCOME (LOSS) FROM OPERATIONS 406,132,822 358,750,744
OTHER INCOME (EXPENSES)
Interest Income 75,298,624 134,425,400
Dividend Income - 24,006,507
Interest on Loans (172,100,584) (187,350,274)
Guarantee Fee and Other Charges (102,476,933) (87,951,890)
206,853,929 241,880,488
Depreciation Expense (755,641,019) (765,424,393)
Gain (Loss) on Foreign Exchange 137,088,198 (2,013,090,671)
INCOME (LOSS) BEFORE INCOME TAX (411,698,893) (2,536,634,577)
INCOME TAX 5,681,346 3,312,884
NET INCOME (LOSS) (417,380,238) (2,539,947,461)
Certified correct: Noted by:
Signed Signed
EMILIA S. CANONIZADO ARMAND C. ARREZAManager, Accounting Department Administrator and CEO
INCOME (LOSS) FROM OPERATIONS BEFORE FOREX GAIN/ LOSS ,
DEPRECIATION & TAX
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.
CY 2009: Result of Operation 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.