Piraeus Port Authority says net profits up 68.6 pct in 2017

Piraeus Port Authority on Tuesday reported a spectacular 92 pct rise in pre-tax profits in 2017 to 21.2 million euros, from 11 million in 2016, and said net profits jumped 68.6 pct to 11.3 million euros from 6.7 million.

It is the best annual performance of the company in the last decade as presented in the Athens Stock Exchange, in the presence of Piraeus Port’s CEO Captain Fu Chengiu.

Turnover was 111.5 million euros in 2017, from 103.5 million in 2016, an increase of 7.7 pct.

“The year 2017 was the first full year under the new management in the port of Piraeus and was marked by positive results. We believe that with the implementation of our investment plan, currently underway, both our business operation and our financial efficiency will improve further and all business units will continue presenting positive results,” Piraeus Port’s CEO said.

The port’s car terminal reported a 32 pct increase in transit and a 23 pct rise in domestic cargo in the January-April 2018 period, while ship-repair activity was up 10 pct in the first quarter, despite the fact that pre-existing tanks were not fully operational.