Piraeus Port Authority says pre-tax profits up 92 pct in 2017

Piraeus Port Authority on Wednesday said its pre-tax profits totaled 21.2 million euros in 2017, from 11 million in 2016, for a spectacular increase of 92 pct, while net profits soared 68.6 pct to 11.3 million euros from 6.7 million.

Operating expenses grew 2.0 pct to 94.9 million euros in 2017, from 92.8 million in 2016, while personnel cost grew 17.2 pct. Piraeus Port Authority SA will pay 4.1 million euros to the Greek state as part of a concession contract for 2017, up from 3.0 million in 2016 and 2.0 million in 2015.

The board will propose paying a dividend of 0.1712 euro per share to shareholders, up 92 pct from 2016 (0.0892 euro).

Piraeus Port Authority said turnover grew 7.7 pct to 111.5 million euros in 2017, from 103.5 million in the previous year. Container terminal revenue was up 53.1 pct, container traffic grew 70.6 pct, while revenue from the Pier II and III rose 8.4 pct.

“The first year of a new management in the port of Piraeus was marked by very positive results, which are primarily attributed to the company’s workers. We believe that in the next years, with the implementation of our investment plan, currently underway, both the business operation and financial efficiency of Piraeus Port Authority SA will improve further,” Captain Fu Chengqiu, chairman and CEO said in a statement.