The St. Christopher Air and Sea Ports Authority (SCASPA) reported a profit of EC$3.5 million in 2012. This is the second consecutive year that the corporation has reported a profit in its history. Profits at the transportation-giant were up to 9.3% compared to the last year period.
Chairman of SCASPA, Mr. Carol Evelyn, attributed this robust profit to strategic changes that were incorporated in SCASPA’s goals to maximize overall performance.
“This is the second consecutive year in which a profit was realized, with a 510% increase over that in 2011. The total revenue for the year amounted to $41.3m. After two years we are optimistic that a trend of profitability has been established, and this is largely as a result of the profit that came as a result of improved operational efficiencies, major changes in cost and revenue structures, and fiscal prudence.”
Despite this profit, according to CEO of the Authority, Jonathan Bass, SCASPA was not spared from the effects of the protracted global financial downturn.
“Our seaport revenue was 3.3% lower than the previous year due mainly as a result of a 7.7% decline in cargo throughput and a 10.8% decline in cruise ship passenger arrivals. However, the impact of this recession was mitigated in a significant way by the positive outcomes from the transformation strategy [that management of SCASPA embarked upon two years ago].”
Minister of Tourism and International Transport with responsibility for SCASPA, Honourable Richard Skerrit, underscored that as a result of the profit, SCASPA now stands as a profitable organism that can thrive in the current competitive, economic environment.
“The record 2012 financial profit has now placed SCASPA firmly on the road to becoming solvent and globally competitive and I urge the SCASPA leadership to avoid administrative or operational complacency, and to ensure that the valiant efforts at profitability, modernization and global competitiveness are sustained going forward. As the largest State Corporation in the Federation, SCASPA must lead the charge for all such entities to become self-reliant.
The Authority, proving by the numbers to be a resilient organization in an uncertain economy will continue to position itself strategically to sustain its operations and pursue profitable initiatives and investments that create greater opportunities for new revenue growth.
“Mindful that tourism is the sector on which our Federation is largely dependent for economic growth and aware of its critical role in facilitating the continued development of that industry, SCASPA will continue to invest in improving its operations and infrastructure,” said Mr. Evelyn.