NORFOLK, Va. (AP) - Mounting cargo volume appears to be improving the Port of Virginia’s bottom line and has port officials ready to reinvest more money into its facilities.
The Daily Press (https://bit.ly/1SgQqnz ) reports the Virginia Port Authority, which operates terminals in Portsmouth, Newport News and Norfolk, said in a statement the agency posted an operating profit of $3.9 million in April - the largest monthly profit posted so far in 2015.
A spokesman said higher financial performance will allow for more investment in terminals and improvement in cargo velocity.
Board officials passed the port authority’s $489.7 million budget for 2016, a 9.2 percent increase over the 2015 budget. Port officials plan to set aside $123 million in capital improvement projects - the largest plan passed by the board in more than a decade.
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Information from: Daily Press, https://www.dailypress.com/
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