South Carolina Ports Post Higher Earnings
- Business & Finance
South Carolina Ports Authority reported 2015 fiscal year-end operating earnings of USD 30.4 million and revenues of USD 196.8 million, significant increases over the previous year’s financial performance.
From July through June, SCPA more than doubled its previous fiscal year’s operating earnings of USD 14.3 million, while operating revenues increased 20 percent over FY2014 revenues of USD 32.6 million. Total operating expenses for the 2015 fiscal year totaled USD 166.3 million.
“The strong financial performance achieved during the 2015 fiscal year reflects the SCPA’s focus on achieving the growth required to execute its aggressive capital investment plan,” said SCPA Board Chairman Bill Stern.
The positive financial report comes on the heels of 14 percent FY2015 container volume growth reported last month.
SCPA handled 1.9 million twenty-foot equivalent units (TEUs) during the period, an increase of 231,473 TEUS over the previous fiscal year. The fiscal year results continue SCPA’s above-market growth trend, with 8 percent growth achieved during the 2014 fiscal year and 9 percent the prior year.
“With 14 percent container volume growth and operating cash flow well above plan, SCPA is well-positioned to continue moving forward with key strategic projects and above-market growth,” said SCPA president and CEO Jim Newsome.
SCPA reported a strong start to the 2016 fiscal year, handling 175,223 TEUs in July for an increase of 14 percent over the same month last year. Calendar year to date, TEU volumes are up 14.2 percent over last year with 1.17 million TEUs handled since January.
As measured in pier containers, SCPA handled nearly 100,000 boxes last month for a gain of 12.8 percent over July 2014.
Non-containerized cargo volumes were positive in July, with 163,490 pier tons handled. Charleston moved 83,440 tons during the month, 47.7 percent higher than planned breakbulk volumes for the month. Tonnage was also ahead of plan at Georgetown in July, with 80,500 tons handled, the port data shows.
The Inland Port achieved record volumes in July, with 7,567 rail moves completed during the month. Growth at the facility has been strong since it opened in November 2013, and during its first full fiscal year of operation in FY2015, the Inland Port handled 58,407 total rail moves.