Port posts net operating profit of $2.4 million for fiscal year

September 08, 1993|By Suzanne Wooton | Suzanne Wooton,Staff Writer

For the second straight year, the port of Baltimore had good news for its latest fiscal year, reporting a profit of $2.4 million yesterday.

The net operating profit for the year that ended June 30 was attributed to lower operating expenses and new business at the port's five public terminals.

Before last year, when the Maryland Port Administration ended the year $1.4 million in the black, the port had lost a total of $4

million over three years.

Maryland Secretary of Transportation O. James Lighthizer credited Adrian G. Teel, executive director of the Maryland Port Administration, and a new management team, for the turnaround.

"While paying close attention to new innovations such as portwide total quality and improved customer service, they were also able to keep expenses under control and put the port back on a firm financial foundation," Mr. Lighthizer said.

Since taking over nearly three years ago, Mr. Teel has implemented cost containment measures and beefed up marketing efforts to bring new steamship lines to Baltimore.

Over the past year, several major shipping lines have expanded service through Baltimore while others have started calling on the port.

Last year, general cargo handled at the port increased slightly with growth in container tonnage and a surge in break-bulk cargo, such as wood pulp.

The increased container volume -- seen largely at the Dundalk Marine Terminal -- helped offset a continued decline in steel exports and automobile imports, which has been experienced by most East Coast ports.

During the first half of this year, general cargo rose more than 3 percent.

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