Revenues for World Point Terminals increased by $6 million during 2015 despite a challenging year.
In its year end financials, the company reported that the revenue increase of 7% was primarily comprised of a 8% increase in base storage services fees as a result of the addition of the Blakeley Island and Chickasaw terminals in the second quarter of 2014, a 30% decline in excess storage fees as well as an increase of 4% in ancillary and additive services fees.
Operating expenses for the year increased by $1.6 million, or 6% compared to the same period in 2014. This increase was due to an increase in labour costs, property taxes, insurance premiums, repairs and maintenance and a decrease in fuel additive costs.
Ken Fenton, president and COO says: ‘2015 was a challenging year, but our conservative business strategy left us well poised to overcome those challenges. We have grown the business steadily over the last year, both in terms of returning tank capacity to service at our Mobile terminals and building relationships with new and existing customer.
‘As a result, 91% of our terminal capacity is currently in service and under contract.’