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.
2025-08-21 13:25:50 - VI News Staff
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.