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Port of Virginia cuts operating loss in Q4, fiscal year revenue rises
THE Port of Virginia has posted an operating loss for the full fiscal year ending on June 30 of US$17.1 million, versus a loss of $15.5 million in the prior year.
Consolidated revenue amounted to $396.8 million, an increase of 12.6 per cent when compared to the previous fiscal year.
While the loss widened it was an improvement on the projected loss of $23.4 million that port authorities made in January, reported the American Journal of Transportation.
In the fourth quarter the port recorded a loss of $655,684, which is the smallest quarterly operating loss for the last seven quarters.
Through January 2014, the port was operating at a loss of $71,437 per day, which has been reduced significantly to $7,205 per day in the fourth quarter.
The port authority CEO John Reinhart said strategic capital investments are being made to deliver improved results.
"We have made significant progress in the last six months establishing the new organisational structure and making changes on the ground in terminal operations," Mr Reinhart said.
Consolidated revenue amounted to $396.8 million, an increase of 12.6 per cent when compared to the previous fiscal year.
While the loss widened it was an improvement on the projected loss of $23.4 million that port authorities made in January, reported the American Journal of Transportation.
In the fourth quarter the port recorded a loss of $655,684, which is the smallest quarterly operating loss for the last seven quarters.
Through January 2014, the port was operating at a loss of $71,437 per day, which has been reduced significantly to $7,205 per day in the fourth quarter.
The port authority CEO John Reinhart said strategic capital investments are being made to deliver improved results.
"We have made significant progress in the last six months establishing the new organisational structure and making changes on the ground in terminal operations," Mr Reinhart said.
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