Piraeus Port: Revenue increase, profitability improvement for PPA SA.

The Board of Directors of PPA SA approved the financial statements of the first half of 2017, according to which the basic figures are the following:

The turnover amounted to € 52.0 million compared to € 46.2 million in the corresponding period of 2016, showing an increase of 12.6% (€ 5.8 million). This change is mainly due to the significant increase in revenue from the container terminal (€ 4.6 million), the revenue from the vehicle throughput (€ 0.5 million) and the income from the concession compensation of the Pier II and III to the PCT (€ 1.3 million).

The total operating expenses showed an increase of € 46.4 million compared to € 43.1 million in the corresponding period of 2016, mainly due to increased staff wages because of the Easter bonus, vacation bonus and the provision of proportion for the Christmas bonus to the Company’s employees after its privatization. The Company also paid increased concession fee to the Greek State as a result of the new agreement, according to which the percentage rate of the concession compensation was revalued to 3.5% of its consolidated income instead of 2%.

The profit before tax for the six months period amounted to € 8.6 million compared to € 1.8 million in the corresponding period of 2016 and after tax to € 4.4 million over € 1.6 million.

The CEO Cpt. Fu Chengqiu stated: “In the first year already, the signs of revenue recovery, cost rationalization and improved profitability appear. The first who benefit are the employees of the Company and the Greek State which receives even greater concession fee. We are moving forward with determination, loyal to our commitments and we believe that we will achieve even better results in the future”.