Operating income at the Port of Oakland increased 4.1 percent in Fiscal Year 2019, according to figures released. 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.