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CPA revenue slightly improved last fiscal year
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Posted on Aug 21 2011
The Commonwealth Ports Authority posted a slight increase in its revenue last fiscal year, based on the fiscal year 2010 financial audit report adopted Friday by its board of directors.
Combined operating revenues for the airport and seaport increased by $77,521—or by 0.45 percent—from fiscal year 2009’s $17.391 million to fiscal year 2010’s $17.469 million.
The operating revenue for the airport division decreased by 1.9 percent from 2009’s $11.129 million to 2010’s $10.9 million. The decrease amounts to $209,314.
The seaport division, meanwhile, noted a 4.6 percent increase in revenue, equivalent to $286,835, from $6.2 million in 2009 to $6.5 million in 2010.
The audit report indicated that the airport division’s aviation revenue declined by $321,518 due to declining airport traffic. In order to ensure and maintain compliance with the bond indenture agreement from 2009 onwards, CPA hired a consultant to assist with monitoring CPA’s position in terms of compliance with the agreement.
The increase in seaport revenue was due to the rate adjustment implemented in 2008. It was through this effort that seaport revenues increased by 9.6 percent—from $4.420 million in 2009 to $4.844 million in 2010. The report said that the seaport division was in compliance with its bond indenture agreements for 2010.
Meantime, the ports authority’s total assets—airport and seaport combined—increased by 2.7 percent or by $6 million, from $223.4 million in 2009 to $229.5 million in 2010.
Last fiscal year, airport enplanement (departures) increased by 3.9 percent while deplanement (arrival) declined by 1.2 percent due to the declining trend of passenger arrivals in the Commonwealth.
The seaport inbound cargo, meantime, increased by 6.8 percent while the outbound cargo decreased by 20.7 percent because of the demise of the garment industry and the general recession of economic activity.
CPA’s operating expenses also increased by 4.4 percent or $545,800 from 2009’s $12.3 million to 2010’s $12.9 million due to unexpected airport maintenance.
