CDC economic performance highest in 2015

• Source:http://www.sunstar.com.ph/pampanga/local-news/2016/03/01/cdc-economic-performance-highest-2015-460183
• Wednesday, March 2, 2016

(CDC CommDep)

CLARK FREEPORT -- The financial performance of Clark Development Corporation recorded the highest in 2015 since the state-owned firm started managing the Freeport in 1993.

Based on unaudited financial statements for the year 2015 submitted to CDC president Arthur Tugade, CDC posted the highest revenue of P1.554- billion, highest net income of P697-million and highest cash position of P2.33-billion last year.

The P2.33-billion cash position was attained even after remitting cash dividends to the national government of P720- million covering the years 2013 to 2015.

In the same report, the gross revenue of P1.554 billion for 2015 is 12 percent higher than the actual revenue of P1.39 billion for 2014. Revenues for 2013 to 2015 accounts to 28 percent of the aggregate revenues for the last 20 years, based on the annual report submitted to Tugade.

For the last three years (2013 to 2015), average revenue per year is P1.39-billion, which is more than twice the average for the years 1996 to 2012 (17 years) of P622-million, the report stated.

The net income of the state-owned firm for 2015 is P697-million, which is 26 percent higher compared to 2014 actual performance of P554 million.

Net income from 2013 to 2015 has also surpassed the combined net income in the past 17 years (1996 to 2012) by 10 percent.

Of the total aggregate net income for the last 20 years, the 2013 to 2015 net income of P1.59-billion represents 52 percent.

“The highlights of this year’s achievements can be attributed to human capital and robust inclusive growth, not to mention the programs that addressed climate change, amongst others,” said Tugade in his annual message.

Tugade said the collaborative efforts exerted by employees and the support by the members of the Board of Directors paved the way for the developments in Clark in terms of employment, technology and for a greener environment.

For 2015, employment has reached an astounding 82,382 jobs.