SUBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) is poised this year to surpass last year’s record-breaking P1.2-billion net profit, as it secured a P965-million net operating income as of August.

SBMA Chairman Roberto Garcia said the agency’s operating revenue this year increased by 21 per cent to P1.57 billion, thus leaving a P965-million net operating income after deducting operating expenses worth P607 million.

“The good news is that our operating revenue, which is really the measure of​ the​ efficiency and effectiveness of the strategic initiative that we have launched, has gone up, raising our net operating income by 66 percent,” Garcia noted.

He added that the SBMA’s fiscal performance “continues to be very strong” and that the agency is confident that its 2014 income would exceed last year’s profits.

SBMA records indicated that the August 2014 figure for operating income represented a 66-percent increase over the P580-million net operating income recorded in the same period last year.

Garcia said the 66-percent increase in net operating income was derived from the P385-million increase this year on top of last year’s P580 million.

“This means 66 per cent more spending power and fiscal flexibility in our financial management efforts,” the SBMA official also said.

As of August last year, SBMA’s operating revenue stood at P1.3 billion, while operating expenses totaled P720 million, thus resulting in a P580-million net operating income.

The SBMA, under the Garcia administration, has been slowly coming out of a decades-long financial stupor.

Last year the Subic agency shattered its all-time record after posting P1.2 billion in net profit, along with the highest gross revenue of P2.1 billion and the highest earnings before interest, taxes, depreciation, and amortization or EBITDA of P992 million in its 21-year history as manager of the Subic Bay Freeport.

Garcia said the SBMA is now further improving its financial condition to develop facilities in Subic and attract more investments into the zone, as well as to improve the employment security of the agency’s workers.