The Port of Virginia announced financial results for the fiscal year ending on June 30 and the operating loss for the full fiscal year was $17.1 million, reduced significantly from the $23.4 million loss that had been projected in January.

The Port of Virginia’s consolidated revenue increased to $396.8 million, an increase of 12.6 percent when compared with the prior year. The operating loss for fiscal 2014 was $17.1 million versus a loss of $15.5 million in the prior year.

The Port of Virginia has reduced the operating losses projected at the start of the year and the fourth quarter loss of $655,684 is the smallest operating loss in a quarter for the last seven quarters. Through January 2014, the port was operating at a loss of $71,437 per day which has been reduced significantly to $7,205 per day in the fourth quarter.

In calendar 2014, The Port of Virginia set a record in terms of TEU volume, but financial losses mounted. In February, we set out an aggressive plan of action to stabilize operations, stem the operating losses and implement process improvements.

“We have made significant progress in the last six months establishing the new organizational structure, making changes on the ground in terminal operations, establishing metrics to measure performance, implementing a new terminal operating system at NIT and making strategic capital investments to deliver improved results,” said John F. Reinhart, CEO and executive director of the Virginia Port Authority. “Those changes are reflected in the improved results for the fourth quarter.

“We are only part way to our goals and changes will continue. While each of these changes individually is significant the full results will show only when they are all in place operating collectively. This is a process; we are seeing positive results but understand there remains a lot of work ahead of us.”