Piraeus Port Authority reports significant rise in H1 results

Piraeus Port Authority on Monday reported a significant increase in its pre-tax profits in the first six months of 2017 to 8.6 million euros, from 1.8 million in the same period last year, while after tax earnings jumped to 4.4 million euros from 1.6 million over the same periods, respectively.

Turnover rose 12.6 pct to 52 million euros in the January-June period, from 5.8 million in 2016.

Piraeus Port Authority attributed this development to a significant increase in turnover in the container terminal (4.6 million euros) and the car terminal (500 million euros) and revenues from the concession fee of piers II and III (1.3 million euros).

Operating expenses grew to 46.4 million euros in the six-month period from 43.1 million in the same period in 2016, reflecting higher payroll costs and an increase in the concession fee rate to 3.5 pct of consolidated turnover from 2.0 pct.

Cpt. Fu Chenqiu, CEO in Piraeus Port, commenting on the results said signs of a recovery in revenue, a rationalisation of expenses and improving profitability were already visible from the first year, to the benefit of workers and the Greek state. “We move forward with determination, adhering to our commitments,” he said.