The State Ports Authority incurred a $6.3 million operating loss in fiscal 2024-25, following a $4.4 million loss a year earlier, according to a report released Wednesday by State Auditor Dave Boliek. It cited higher operating expenses as a factor.
Still, the authority improved its overall net position by $51.2 million last year, mainly because of $45 million in capital-project funds from the General Assembly and $5 million in investment income.
State Ports managers said revenues improved by about 2.7% to $72 million, despite a shift in traffic tied partly to the federal government’s expansion of tariffs. Higher-margin cargos offset the damage from an overall decline in “general cargo volume from the prior year,” they said…