CDC remits P220M dividends to national treasury

CLARK FREEPORT, Pampanga, Aug. 13 (PNA) — The Clark Development Corporation (CDC) has remitted a total of P220 million cash dividends to the national government.

In the summary of CDC mid-year report, CDC said that the cash dividends is the “highest single-year remittance so far, bringing to P945 million total remittance to government since 2006.”

The reports stated that the remittance and cash position during the first semester of 2014 is ‘a first in CDC’s corporate history.”

Revenues and income were maintained at the highest trend with CDC maintaining an average cash position of P2 billion for the first half of the year, based on the the mid-year report submitted to CDC president and CEO Arthur P. Tugade.

Despite the remittance of P220 million cash dividends, released of the 2013 performance-based bonus (PBB) and payment of retirement pay, the cash position is still maintained at P2 billion.

Earlier, Tugade said that at the end of year 2013, revenue shoot up at P1.21 billion and net income of P327 million are both records high.

Last year, CDC’s net profit swelled by P140 million to P327 million from P187 million in 2012.

CDC also raked P1.2 billion in gross revenues compared to P1.1 billion in 2012.

Both gross and net income figures were the highest recorded by the government-owned since its inception in in April 1993.

At present, investment inside the Freeport has already reached $ 4.48 billion since 1993. (PNA)