Followup: Port of Virginia reports its second consecutive profitable year
The Port of Virginia has reported its second consecutive profitable year.
The port had operating income of $4.76 million during fiscal year 2016, which ended in June, according to preliminary, unaudited results. Final results are expected to be reported in coming months.
The 2016 financial performance represents a decline of 65 percent from $13.6 million recorded in fiscal year 2015. Nonetheless, two profitable years represent a financial turnaround. The port had reported losses of $120 million over the five years before 2015. Three years ago, in fact, the commonwealth weighed offers to sell the port’s operations.
Over the fiscal year, cargo volume at the port (measured in 20-foot equivalent units or TEUs) rose 2.5 percent to a record 2.57 million.
Rail containers at the port increased 9.7 percent during the fiscal year to 511,096.
In its September issue, Virginia Business looked at the port’s prospects following the recent opening of the expanded Panama Canal.