Submitted by Port of Olympia
Marine terminal drives a 32% increase in revenue and 12 new jobs
Port of Olympia’s financial statements show year-to-date operating revenues of $9.1 million for the nine-month period ending Sept. 30, 2013. This amount is 22 percent more than budget, and $2.2 million or 32 percent more than operating revenues for the same period last year.
Longshore labor hours increased by 26,000 hours, which are equivalent to 12 new family-wage jobs in Thurston County. These hours are more than double the hours of the first nine months of 2012.
The increased revenues and longshore hours are a result of general break-bulk cargo (ceramic proppant and steel) which increased 3.5 times from the prior year. The increased cargo volumes resulted in a year-to-date operating income of $63,000 and income-before-tax-levy of $1.2 million.
“These results are unprecedented in Port history,” said Jeff Smith, CPA, Finance Director. “While the Marine Terminal drove the results, Olympia Regional Airport and Swantown Marina & Boatworks also showed increases.”
Smith added that the Port maintenance dredging program for the Marine Terminal berths and Swantown Boatworks area is on schedule and under budget. Originally budgeted for $9 million, the Port received a low bid which revised the dredging budget to $5.2 million.
See the Port’s Sept. 30, 2013 financial statements at http://www.portolympia.com/.