Originally published March 9, 2010 at 4:37 PM | Page modified March 10, 2010 at 3:05 PM
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Port of Seattle reports operating income of $47M
The Port of Seattle ended 2009 in the black despite a sharp revenue drop, particularly in its aviation division, according to the port's annual performance report released Tuesday.
By Seattle Times business staff
The Port of Seattle ended 2009 in the black despite a sharp revenue drop, particularly in its aviation division, according to the port's annual performance report released Tuesday.
The port took in $449 million last year, a drop of $40 million or 8.2 percent compared with 2008, and 7.7 percent below budget.
Aviation operations, primarily at Seattle-Tacoma International Airport, accounted for $29.4 million of the fall-off, while seaport revenues fell $4.4 million.
Operating and maintenance expenses were cut by $34.7 million last year, largely by furloughing employees and reducing travel and other expenses.
After factoring in depreciation expenses, the port ended the year with $46.8 million in operating income, 27.4 percent less than in 2008.
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