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CPA posts $5M loss in 2020
The Commonwealth Ports Authority saw a revenue loss of over $5 million in fiscal year 2020 as a result of the COVID-19 pandemic that brought the CNMI’s tourism industry to a screeching halt.
In an unaudited CPA report, it said that CPA saw a total revenue loss of $5,047,464.51 in fiscal year 2020. In addition, CPA’s total operations and personal expense in fiscal year 2020 was over $12 million.
According to CPA board chair Kimberlyn King-Hinds, the revenue loss is not a surprise because there are no flights and therefore no revenues from emplacements, deplanements, and landing fees.
Currently, CPA is only generating revenue from rental and concession collections but King-Hinds said this is small considering the rent abatement they’re giving. CPA is leaning heavily on the CARES Act funding they received in mid-2020.
“What’s keeping us afloat are funds from the CARES Act and we are doing everything we can to stretch out those funds to ensure that we don’t furlough employees, at least through this fiscal year. What happens next fiscal year all depends on when travel returns to some semblance of normalcy,” she said.
CPA received about $22.8 million from the CARES Act and, according to King-Hinds, that aid provided relief that covered the cost for personnel, operations, and debt obligations.
The second COVID-19 relief package that was recently passed would also ensure additional aid for CPA.
King-Hinds said in a previous interview that CPA expects to receive additional relief to aid in the continued operation of the Francisco C. Ada/Saipan International Airport.
CPA does not know yet when or how much they will receive this time but King-Hinds said the amount will be lesser than what they received from the CARES Act but it will still be necessary relief for the agency.
To date, CPA has not received the aid yet.
In fiscal year 2019, CPA saw a revenue gain of $1.4 million.
