March port profits up
Published 10:22 pm Friday, April 24, 2015
A “modest” operating profit by the Port of Virginia in March — reversing losses the previous two months — will be used to overcome congestion, port authority chief John F. Reinhart says.
In a news release, the authority’s chief executive officer and executive director stated the $1.6 million “will be reinvested in short-term projects and long-term capital solutions to help process cargo and address increasing volumes.”
“It is a modest financial result that helps to correct the financial course of January and February, but as we addressed the severe congestion that we experienced in March, there was considerable hardship placed along all the points in the supply chain, especially to the motor carriers,” Reinhart stated.
Email newsletter signup
The port handled an all-time monthly record of 229,000 TEUs (20-foot equivalent containers) in March, according to authority spokesman Joe Harris.
The fiscal-year-to-date has now delivered an operating profit of $6.2 million, up $22.7 million on March 2014.
“We are confident that we are tacking in the right direction from an operational and financial standpoint, but there is still a significant amount of work ahead of us,” Reinhart stated.