The South Carolina Ports Authority (SCPA) recently published its 2016 fiscal year-end operating earnings, amounting to $39 million with revenues reaching $211 million and operating expenses totaling $172 million.
These positive figures came after the fiscal year 2016 container volume increase that the SCPA reported in July; the port has handled 1.9 million 20-foot equivalent units (TEUs) throughout this time period. This amounts to a 1.4 percent increase compared to the prior fiscal year.
“The Port closed the FY2016 books with solid financials, reflecting our commitment to achieving the necessary performance to support our aggressive capital investment plan,” Pat McKinney, SCPA Board Chairman, said.
Local leaders are encouraged with the positive growth that the SCPA has recently seen.
“With modest container volume growth in spite of a tepid world economy and operating earnings up over last year, SCPA is well-positioned to continue moving forward with key strategic projects and above-market growth,” Jim Newsome, SCPA president and CEO, said.
The SCPA sees these figures as evidence that setting high goals means they are more likely to achieve them.
“Both loaded import and export volumes were up in July, providing a strong start to fiscal 2017,” Newsome said. “We believe in setting ambitious targets and expect this year’s volume goals to be achieved through strength in the automotive segment, increases in specialized cargo like refrigerated cargo and plastics, continued expansion of our cargo base and solid fundamentals in the Southeastern port market.”