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Seaport revenues post 27-percent increase
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Posted on Sep 16 2005
CNMI seaports generated a combined net income of $4.24 million in the first 10 months of the current fiscal year, an increase of 27 percent compared to the same period last year.
A financial report released by the Commonwealth Ports Authority showed that earnings of the Port of Saipan comprised $4.15 million or 98 percent of the Seaport Division’s net income, with the other 2 percent shared by the Tinian and Rota airports.
The seaports’ net income provided enough funds for the division’s $2.12 million bond payment and $693,333 loan payment to the Commonwealth Development Authority.
The remaining $583,333 is reserved to maintain bond liquidity.
According to CPA, the seaports earned total revenues amounting to $5.96 million in the first 10 months of fiscal year 2005.
Harbor revenues, which include wharfage, passenger charges, and dockage fees, account for $4.68 million of this amount. The rest is comprised of non-harbor revenues such as rental income, franchise fees, and parking fees.
Meanwhile, the seaports’ operating expenses reached $1.72 million from October 2004 to July 2005, an increase of 24 percent over the same period in the previous year.
Specifically, salaries and benefits cost $698,039, up by 12 percent from the first 10 months of FY 2004. Maintenance and other expenses totaled $1.03 million, an increase of 33 percent compared to October 2004 to July 2005.
The operation of the Saipan seaport cost CPA $1.56 million more in the first 10 months of FY 2005, compared to last year.
Likewise, expenses at the Tinian and Rota seaports increased by $37,978 and $22,413, respectively.
