Piraeus Port Authority Sees Profits Surge in First Half of 2017

The Piraeus Port Authority (OLP) significantly increased its profit before tax to 8.6 million euros in the first six months of 2017, compared to 1.8 million euros during the same period last year, while profit after tax almost tripled to 4.4 million euros, compared to 1.6 million euros.

The company’s turnover increased by 12.6 percent to 52 million euros, compared to 46.2 million euros in the first half of 2016.

According to an announcement, this change is mainly due to the significant increase in revenue from the container terminal (4.6 million euros), the revenue from the vehicle throughput (0.5 million euros) and the income from the concession compensation of the Pier II and III to the PCT (1.3 million euros).

“Signs of revenue recovery, cost rationalization and improved profitability have appeared during the first year already,” OLP CEO Cpt. Fu Chengqiu said.

The total operating expenses showed an increase of 46.4 million euros compared to 43.1 million euros during the first half of 2016, mainly due to the increased staff wages (Easter, vacation and Christmas bonuses) following the company’s privatization.

“The first who benefit are the employees of the company and the Greek state which receives even greater concession fee,” Cpt. Fu Chengqiu underlined. “We are moving forward with determination, loyal to our commitments and we believe that we will achieve even better results in the future,” he added.

PPA also paid increased concession fee to the Greek State as a result of the new agreement, according to which the percentage rate of the concession compensation was revalued to 3.5% of its consolidated income instead of 2%.