NC Ports Losing Money By The Millions

The North Carolina State Ports Authority lost $6 million in the budget year that ended in June.

The Ports Authority issued a statement on its operations in responded to a request by The StarNews of Wilmington.

Ports officials blamed a decline in the amount of cargo handled, as well as write-offs for construction projects and capital assets.

Ports CEO Tom Eager says it's no surprise cargo shipping is down in Wilmington and Morehead City, given the economy.

Operating revenues fell from $34.5 million in 2008-09 to $33.2 million for the year that ended June 30. The Ports Authority had lost $4.3 million in 2008-09.

The agency does expect revenue growth of 3.5 percent this year.

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