McAuliffe: Port of Virginia forecast to post profit

(AP) – Gov. Terry McAuliffe says the Port of Virginia will post its first yearly operating profit since 2008.

McAuliffe made the announcement on Wednesday. His office says the port is forecast to turn a $16.1 million profit for the 2015 fiscal year. That is a $31.5 million improvement compared with the previous fiscal year.

Virginia Port Authority executive director John Reinhart says the port is seeing gains from operating more efficiently and investing in equipment. The port has reopened the Portsmouth Marine Terminal and bought nearly 100 vehicles used to move cargo.

The port handled about 2.5 million container units in the 2015 fiscal year, which is up nearly 9 percent from the previous year.

The port operates terminals in Norfolk, Portsmouth, Newport News, Richmond and Front Royal.