Port of Oakland Earns Less Despite Record Revenue
California-based Port of Oakland reported an 8.5% decline in operating income during Fiscal Year 2015 compared to the previous year despite reaching an all-time high operating revenue for the year ended June 30.
The port reported USD 336.6 million in revenue for the FY 2015, up 4.2 percent from the previous year. However the increase in operating revenue was not enough to make up for a 6.8% rise in operating expenses, which ate away at the company’s income.
The port reported revenue increases in all three of its major business lines: maritime, aviation, and commercial real estate.
Revenue in the maritime business line was up 3.9% despite a 6.5% decline in loaded container volume that followed a labor dispute last winter on the West Coast waterfront.
“The result is encouraging, given the challenges we faced,” said the port’s Executive Director Chris Lytle. “The job now is to build on our strengths and grow our business.”