Port on track to report first profit in seven years
It appears the Port of Virginia will post its first profit in seven years for the 2015 fiscal year.
The port is forecasted to turn a $16.1 million profit, compared to a loss of $15 million last year for the 12-month period that ended June 30.
During that time, the port handled an 8.9 percent increase in cargo to 2.5 million TEUs, or 20-foot equivalent units, setting another record for cargo volume.
In June, the port handled 213,517 TEUs, a 14.5 percent increase over the previous year.
“We’re seeing improvements gained from our ongoing effort to improve operational efficiency, and our strategic investments in equipment, in technology and in people are paying off,” Port of Virginia CEO John Reinhart said in a statement. “There is still much to do, and we are going to forge ahead with our plan to reinvest in infrastructure in order to compete now and in the future.”