Port posts profit for first half of fiscal year

Published January 27, 2015 by Jessica Sabbath

The Port of Virginia reported an operating profit of $6.2 million for the first half of its fiscal year, a big swing from a $10.6 million loss in the same period the previous year.

“I am very pleased to see the Port of Virginia not only setting records for cargo volume, but also posting six consecutive profitable months,” Gov. Terry McAuliffe said in a statement. “The port is a one-of-a-kind economic asset for our commonwealth, and we finally have the leadership in place to leverage it.”

The port posted a profit of $631,114 in December, its sixth-consecutive profitable month.

The port is more than $6 million ahead of its budget, according to Virginia Port Authority CEO and Executive Director John Reinhart.

The Port of Virginia continues to see an increasing amount of cargo. The port handled 203,276 TEUs (20-foot equivalent units) in December 2014, up 12.3 percent over the cargo handled the previous December.

December was the eight month in 2014 when port TEU volumes exceeded 200,000 units.

Reinhart and port leaders continue to work to relieve congestion at the port's marine terminals.

“When Governor McAuliffe took office, getting the port’s books in order was a top priority,” said Virginia Secretary of Transportation Aubrey Layne. “Given the record volumes of 2014 and the performance thus far in the fiscal year, it is clear that John Reinhart has brought stability to the port and many of its initiatives are beginning to bear fruit. Challenges remain, but we are confident in the port’s ability to address them and continue the progress we are celebrating today.”