Piraeus Port Authority pre-tax profits up 13 pct in 2016

Piraeus Port Authority on Thursday reported a 13 pct increase in its pre-tax profits last year, while turnover rose to 103.5 million euros, from 99.9 million in 2015, for an increase of 3.6 pct.

Pre-tax earnings were 11 million euros, from 9.8 million in 2015. Total operating expenses fell 8.0 pct to 92.8 million euros in 2016, from 110.9 million in 2015, and payroll cost fell 4.3 pct to 49.9 million euros.

Administration expenses also fell 20.2 pct in the year. Piraeus Port paid an additional 1.0 million euros to the Greek state in 2016 because of a revision of a contract signed in June 24, 2016 which envisaged a higher payment (3.5 pct of consolidated turnover instead of a 2.0 pct previously).