Monday, September 28, 2015

Oakland Port Revenue Reaches All-Time High

By Mark Edward Nero

Operating revenue at the Port of Oakland reached an all-time high in fiscal year 2015, according to newly released data.

On Sept. 25, the port reported $336.6 million in revenue for the fiscal year that ended June 30. The amount was an increase of 4.2 percent from the previous year.

“The result is encouraging, given the challenges we faced,” Executive Director Chris Lytle said. “The job now is to build on our strengths and grow our business.”

The port reported revenue increases during FY 2015 in all three of its major business lines: maritime, aviation and commercial real estate.

Maritime revenue was up 3.9 percent despite a 6.5 percent decline in loaded container volume that followed a labor dispute last winter on the West Coast waterfront.

Aviation rose 3.1 percent due largely, the port says, to an 8.7 percent boost in passenger traffic at Oakland International Airport.

Commercial real estate was up nearly 20 percent.

Additionally, the port said operating expense increased 6.8 percent during FY 2015, which led to an 8.5 percent decline in operating income from the previous year, the amount of which it did not reveal.