By BERNIE CAHILES–MAGKILAT
For the first time since its establishment 13 years ago, Clark Development Corp. achieved a positive retained earnings of P28.2 million from a deficit of P67.66 million.
CDC documents showed that the state-owned firm’s financial position is going towards a positive track.
CDC president Antonio R. Ng said the company’s revenues increasedby P64.2 million last year or 11 percent compared to 2004, primarily due to improved results of Holiday Inn and Mimosa operations.
Its net income also tripled compared to 2004 from P29.6 million to P87.4 million.
"This was achieved by primarily keeping its overall cost flat such that any incremental revenue goes to the bottomline," he said.
This has also allowed CDC to declare dividends for the first time to the national government through its parent firm, the Bases Conversion Development Authority (BCDA).
CDC has also provided financial support to its subsidiary, Clark International Airport Corp. in form of loans and operating expenses amounting to P456 million.
Last year, the Bureau of Internal Revenue and the Bureau of Customs were able to collect taxes and duties to Clark industries amounting to P1.145 billion from P913.897 million in 2004 and P366.764 million in 2003.
To further improve its services, Ng reported that its Green Lane has achieved a 95 percent on time delivery to its 10-minute goal.
The CDC has set a target to complete all processing for export, import, bring in/bring out and permit processing to only 10 minutes.
It is also moving towards paperless transactions for good governance.
Ng said the RosettaNet eCustoms trade system was adopted in Mau 2005 and is currently being piloted by Tokumi, Phil-Shin Ei, and Nanox.
The system, based on the leading international standard for business-tobusiness (B2B) transactions, will streamline import imports, export documents, and other trade document processing via online, with "faceless" transactions available 24x7.(BCM)
For the first time since its establishment 13 years ago, Clark Development Corp. achieved a positive retained earnings of P28.2 million from a deficit of P67.66 million.
CDC documents showed that the state-owned firm’s financial position is going towards a positive track.
CDC president Antonio R. Ng said the company’s revenues increasedby P64.2 million last year or 11 percent compared to 2004, primarily due to improved results of Holiday Inn and Mimosa operations.
Its net income also tripled compared to 2004 from P29.6 million to P87.4 million.
"This was achieved by primarily keeping its overall cost flat such that any incremental revenue goes to the bottomline," he said.
This has also allowed CDC to declare dividends for the first time to the national government through its parent firm, the Bases Conversion Development Authority (BCDA).
CDC has also provided financial support to its subsidiary, Clark International Airport Corp. in form of loans and operating expenses amounting to P456 million.
Last year, the Bureau of Internal Revenue and the Bureau of Customs were able to collect taxes and duties to Clark industries amounting to P1.145 billion from P913.897 million in 2004 and P366.764 million in 2003.
To further improve its services, Ng reported that its Green Lane has achieved a 95 percent on time delivery to its 10-minute goal.
The CDC has set a target to complete all processing for export, import, bring in/bring out and permit processing to only 10 minutes.
It is also moving towards paperless transactions for good governance.
Ng said the RosettaNet eCustoms trade system was adopted in Mau 2005 and is currently being piloted by Tokumi, Phil-Shin Ei, and Nanox.
The system, based on the leading international standard for business-tobusiness (B2B) transactions, will streamline import imports, export documents, and other trade document processing via online, with "faceless" transactions available 24x7.(BCM)
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