Operating income at the Port of Oakland increased 4.1 percent in Fiscal Year 2019, the company said in its release. The Port reported operating income of $66 million for the year on operating revenue of $397 million. The Port said its operating income was at an all-time high.
FY 2019 operating revenue increased 4.2 percent while operating expenses grew by 5.1 percent, the Port said. It attributed revenue growth largely to three factors:
A 5.8 percent increase in container volume at the seaport;
A 1.9 percent boost in passenger traffic at the Port’s Oakland International Airport; and
Increased space rent in the Port’s commercial real estate holdings.
Maritime revenue increased 7.2 percent in FY 2019, the Port said. It added that Commercial Real Estate revenue grew 4.3 percent while Aviation revenue was up 1.8 percent. The Port said personnel costs of $118.6 million accounted for the biggest portion of operating expenses during the year.
About the Port of Oakland
The Port of Oakland oversees the Oakland Seaport, Oakland International Airport, and nearly 20 miles of waterfront including Jack London Square. The Port's 5-year strategic plan - Growth with Care - pairs business expansion with community benefits, envisioning more jobs and economic stimulus as the Port grows. Together with its business partners, the Port supports more than 84,000 jobs.