Port of Virginia Posts April Profit; Passes 2016 Budget - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Port of Virginia Posts April Profit; Passes 2016 Budget


NORFOLK, Va. (AP)- Mounting cargo volume appears to be improving the Port of Virginia's bottom line and has port officials ready to reinvest more money into its facilities.

The Virginia Port Authority, which operates terminals in Portsmouth, Newport News and Norfolk, said in a statement the agency posted an operating profit of $3.9 million in April - the largest monthly profit posted so far in 2015.

A spokesman said higher financial performance will allow for more investment in terminals and improvement in cargo velocity.

Board officials passed the port authority's $489.7 million budget for 2016, a 9.2 percent increase over the 2015 budget. Port officials plan to set aside $123 million in capital improvement projects - the largest plan passed by the board in more than a decade.

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