1st Half 2009 Performance Negros Navigation Co., Inc. (the “Company”) posted a net income of P203 million for the first semester of the year 2009, up 50% compared to the same period in 2008. The significant improvement in the bottom line figures can be attributed largely to the increase in revenues coupled with marked decreases in both operating and administrative expenses. Total revenues for the year 2009 jumped 7% to P1,035 million from P968 million in the same period last year. Freight revenues, which constitute 62% of the core revenues, improved by 27% compared to the previous year due to the combined impact of the increases in volume and rates. Cargo volume soared 11% due to the increase in capacity with the acquisition of two additional cargo vessels. Average cargo rates increased by 14% due to the improvement in cargo mix – now focusing on high yielding cargoes such as break-bulk and class A commodities. The passage business remained challenging due to the continued pressures from the low airfares and the nautical highway. Direct costs and expenses of P787 million was slightly lower compared to the P789 million for the previous year. Fuel costs, which accounts for more than 40% of total costs and expenses, decreased by 10% due mainly to the declining fuel prices. General and administrative expenses were cut down by 12% due to the continuous stringent cost management initiatives.   1st Half 2009 Performance NEGROS NAVIGATION MARKS 75 YEARS Negros Navigation Opens New Routes Nenaco: Two Thousand And Four - A Yearender Negros Navigation Company Announces Rehabilitation Program