Piraeus Port Authority Sees Turnover and Profit Increase in H1 2018

Photo source: Piraeus Port Authority

The Piraeus Port Authority (PPA), managed by Cosco, saw its turnover increase by 22.1 percent to 63.5 million euros, during the first six months of 2018, compared to the same period last year, an announcement on Wednesday said.

According to the PPA’s financial results, the change is mainly due to the significant increase in revenue from the concession agreement of Pier II+III (+29.5 percent), container terminal sector (+20.1 percent), car terminal sector (+29.7 percent), as well as ship repairing sector (+48.3 percent).

The profit before tax for the six months period amounted to 18.7 million euros, more than doubled (+ 117 percent) compared to the same period of 2017 (8.6 million euros). Earnings after taxes amounted to 13.3 million euros compared to 4.4 million euros in the first semester of 2017.

According to the PPA, the earnings are the highest in its contemporary history for this period.

Moreover, the PPA’s financial results showed that staff cost, which is the most significant amount of operating costs, decreased in the first semester of 2018 to 28.8 million euros from 30.2 million euros in the first semester of 2017. The decrease is said to be due to the voluntary retirement incentives for employees entitled to retirement.

“The very positive financial results prove once again the potential of PPA S.A. and the upward trend continues even in the second semester of 2018,” the CEO of PPA S.A., Cpt. Fu Chengqiu, said.

“They also confirm the right choices of our strategic planning and the right direction of our investment plan, for which we still expect the necessary approvals in order to proceed to projects that will keep the high development rates in all business units,” he added.