Piraeus Port turnover up 3.6 pct in 2016

Piraeus Port Authority said its turnover grew 3.6 pct to 103.5 million euros in 2016, from 99.9 million in 2015, while pre-tax profits amounted to 11 million euros from 9.8 million, an increase of 13 pct over the same period.

In an annual presentation to the Association of Institutional Investors in the Athens Stock Exchange, Piraeus Port Authority’s board said it paid an additional 1.0 million euros to the Greek state in 2016 because of a new concession contract signed in June 24, 2016 which raised the concession fee to 3.5 pct of consolidated turnover, from 2.0 pct.

“The new management ensured a smooth transition and reorganization of the company and prepared the implementation of its investment program. 2017 will be the first year of constructing and developing the new port,” Captain Fu Chengqiu, CEO of Piraeus Port Authority said.