Governor Terry McAuliffe has announced that the Port of Virginia’s preliminary reports for fiscal year 2015 indicate that it will post its first yearly operating profit since 2008.
The Port is forecast to turn a $16.1 million profit, which is a $31.5 million improvement in operating income compared with the prior fiscal year.
Speaking at an event at the Port of Virginia in Norfolk, the Governor said: “ When I took office I knew that growing and diversifying Virginia’s economy would require making the Port of Virginia the profitable gateway to the world that it can be. ”
“ 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. 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 ,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority (VPA).
Fiscal 2015 also included the following accomplishments:
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