Port of Oakland reports FY 2017 revenue record of $358.7 million
The Port of Oakland has reported record operating revenue of $358.7 million for Fiscal Year 2017. The Port said that was 6 percent higher than the previous record of $338 million set last year. It added that growth in all three of its business lines contributed to the performance.
FY 2017 operating income increased 20.6 percent to $63.7 million, the Port said. That was the result of revenue growth outpacing a 3.4 percent increase in expenses, the Port added. The Fiscal Year ended June 30.
According to the Port’s figures, operating revenue in its Aviation Division increased 10.2 percent last year. The Port said the increase was driven by an 8.4 percent increase in passenger traffic at Oakland International Airport.
The Port reported a 1.8 percent hike in FY 2017 operating revenue for its Maritime Division. Revenue increased despite lost income from a bankrupt marine terminal operator that ceased operations at the Oakland seaport last year.
The Port said operating revenue in its Commercial Real Estate Division increased 2.9 percent last year. It attributed the gain to a strong local property market.
FY 2017 operating revenue totals for the Port’s three business lines:
Aviation: $190.6 million;
Maritime: $151.4 million;
Commercial Real Estate: $16.7 million.
The Port said that the outlook for its three business lines is positive. It said that strong growth is expected in Aviation traffic and revenue. It added that it anticipates continued stability at its seaport and in Commercial Real Estate.
About the Port of Oakland
The Port of Oakland oversees the Oakland seaport, Oakland International Airport, and 20 miles of waterfront. Together with its business partners, the Port supports more than 73,000 jobs in the region and nearly 827,000 jobs across the United States.