The Los Angeles Harbor Department’s latest financial report shows that its operating revenues, net income and cargo tonnage increased during fiscal 1990, continuing a port boom that began in the 1980s.
But in presenting the report to the Harbor Commission, port officials cautioned that the nation’s busiest harbor will likely see its business taper off as a result of the country’s slowing economy.
“Our growth rate has been extraordinary . . . and I just can’t believe that with the state of the economy and all the other indicators, we will see the sort of growth we have seen in the past,” said Ezunial Burts, port executive director.
Added James Preusch, chief financial officer: “It’s clear that it will be slower. It is not clear if it will be lower.”
The latest report, for the fiscal year ending last June, shows that the port’s operating revenues rose 2.7% to $153.6 million and net income increased 4.5% to $81.4 million. Cargo container traffic rose 2.4% to nearly 68 million tons.