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Seaports’ profits up 24 percent in 1st trimester
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Posted on Feb 27 2005
Commonwealth seaports posted a 24-percent increase in their combined net income during the first four months of fiscal year 2005.
From $1.44 million in the first trimester of FY 2004, the total profits generated by the seaports reached $1.79 million from October 2004 to January 2005, data from the Commonwealth Ports Authority showed.
The seaports registered the income growth despite a decrease in the total inbound and outbound cargo revenue tons, which CPA executive director Carlos Salas attributed to the impact on the lifting of quota restrictions on the garment industry.
Inbound cargo reached only 154,219 tons in the first trimester of FY 2005, a 3-percent decline from the 158,438 tons posted last year. Outbound cargo also showed a 2-percent decline, amounting only 48,355 tons in the first four months of the fiscal year.
Nevertheless, the seaports succeeded in surpassing last year’s gross revenues by 25 percent, or almost half a million dollars. The seaport division also generated $90,709, or 5 percent, more income than its budget for the first trimester.
The seaports spent over almost $700,000 during the first four months of FY 2005, or 29 percent more than their total expenses in the same period last year.
CPA data showed that personnel expenses reached $293,435, posting a 19-percent increase over FY 2004; maintenance and operating expenses rose by 37 percent, totaling $389,068.
Still, the division’s total expenses were 17 percent lower than CPA’s $634,000 budget for the period.
The airports posted a bond debt coverage ratio of 2.09, which means that the division generated an income that is 109 percent greater than its required bond payment.
CPA’s bondholders require only a bond ratio of 1.25.
