Piraeus Port Authority Posts Record Profits for the First Half of 2018 as Revenues Rise Across All Sectors

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The BoD of PPA S.A. approved the financial statements for the first semester of 2018, according to which the basic figures are the following:

The turnover amounted to € 63.5 million, which compared to the same period of 2017 (€ 52.0 million) increased by € 11.5 million or 22.1%. This change is mainly due to the significant increase in revenue from the concession agreement of Pier II+III (+29.5%), container terminal sector (+20.1%), car terminal sector (+29.7%), as well as ship repairing sector (+48.3%).

The profit before tax for the six months period amounted to € 18.7 million, more than double (+ 117%) compared to the same period of 2017 (€ 8.6 million) and earnings after taxes amounted to € 13.3 million compared to € 4.4 million in the first semester of 2017, which are the highest in the contemporary history of PPA S.A. for this period.

The staff cost which is the most significant amount of operating costs, decreased in the first semester of 2018 to € 28.8 million from € 30.2 million in the first semester of 2017. This decrease is due to the voluntary retirement incentives for those employees who have been entitled to retirement.

The CEO of PPA S.A. Cpt. Fu Chengqiu stated: “The very positive financial results prove once again the potential of PPA S.A. and the upward trend continues even in the second semester of 2018. They also confirm the right choices of our strategic planning and the right direction of our investment plan, for which we still expect the necessary approvals in order to proceed to projects that will keep the high development rates in all business units”.

Sea News, September 27

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