VIPA Reports Strong Financial Results, Advances Key Projects

The Virgin Islands Port Authority reported stronger-than-expected financial results and advanced several major infrastructure projects during its governing board meeting, according to officials and documents presented at the session Wednesday.

The authority posted an operating profit of $5.3 million for the fiscal year to date, surpassing an anticipated operating loss of $1.1 million, Chief Financial Officer Anna Mauricia Penn told board members. The Marine Division recorded a $7.3 million operating gain, more than double its budget expectations, while the Aviation Division’s $2.3 million operating loss was significantly less than the projected $6.6 million deficit.

“At the end of June, there were a total of 1.6 million cruise passengers, an increase of 204,000, which is 40% above last year,” Penn said, highlighting a key driver of the authority’s improved revenues.

The authority’s accounts receivable as of June 30 stood at $30.8 million, with efforts underway to revamp reporting and collections processes. Spirit Airlines remains the largest aviation tenant, with $878,000 in accounts receivable, of which $573,000 is past due.