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Port finance report: midyear revenues lag, GOSEP reimbursements expected to improve cash flow
Summary
Port finance staff reported $21.9M in revenue for the first six months (about $1.2M unfavorable), nonoperating write-offs tied to berth 4/5/6, and expected GOSEP reimbursements (total near-term submissions ~ $13.6M and additional ~$9.3M from higher payout percentage) that together could improve cash flow in coming weeks.
Mister Kemp, presenting the Port of Lake Charles midyear financials on July 22, reported $21.9 million in revenue for the six months ended June 2024, about $1.2 million below plan, and expenses of roughly $17.2 million. He said lower coke and cement tonnages drove the revenue shortfall, while write-offs related to berth 4, 5 and 6 produced a nonoperating expense of about $3.4 million.
Kemp reported first-half cash…
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