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Seaports post $3.6M net income
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Posted on Jul 21 2005
CNMI seaports gained a net income of $3.6 million in the first three quarters of fiscal year 2005, an increase of 23 percent over the same period last year.
The net income of the Commonwealth Ports Authority’s Seaport Division provided enough funds for its $1.91-million bond payments and $554,667 loan payments to the Commonwealth Development Authority.
The remaining $1.13 million is being reserved for bond liquidity.
The Commonwealth Ports Authority attributed the $661,281 increase in the seaports’ net income to the recent implementation of wharfage for fuel shipments.
The $828,685 collections from fuel shipments offset declines in general wharfage and dockage fee collections, as well as a 20-percent increase in the seaports’ operating expenses.
CPA’s latest financial report showed that seaport revenues reached $5.12 million in the first nine months of FY 2005, an increase of 22 percent over the same period last year.
Harbor revenues, which include wharfage, passenger charges, and dockage fees, account for $4.23 million of this amount. The rest is comprised of non-harbor revenues such as rental income, franchise fees, and parking fees.
Meanwhile, it cost CPA $257,912 more to operate the seaports from October 2004 to June 2005, as compared to the same period last year.
The Seaport Division’s total operating expenses amounted $1.52 million, up by 20 percent from last year.
The rise in expenses came as a result of increases in insurance premiums, which went up by $255,573, and legal fees, by $25,617.
CPA however reduced expenses on repairs and maintenance by $49,911; miscellaneous expenses by $33,170; and board travel and expense by $7,565.
