Piraeus Port Authority reports lower H1 results

Piraeus Port Authority on Tuesday said its first half turnover eased 5.8 pct to 66.5 million euros from 70.6 million in the same period last year.

The company attributed this development to a significant drop in revenue from sea cruise (-83.9 pct to 3.7 million euros), coastal shipping (-32.8 pct to 1.6 million euros) and car transport (-28.3 pct to 2.2 million euros).

In an announcement, Piraeus Port Authority said that this development was partly offset by a 17.8 pct increase in the cargo terminal and a 21.8 pct rise in ship repair.

Expenses totaled 44.8 million euros, down 9.2 pct from 2019. Pre-tax earnings totaled 20.9 million euros, down 4.7 pct, while after-tax earnings eased 2.2 pct to 15.5 million euros.