Piraeus '18 profit soars 147pc to US$31.6 million, revenue up 19pc
THE Cosco-owned Greek Piraeus Port Authority (PPA) posted an annual year-on-year 147 per cent annual net profit increase to EUR27
THE Cosco-owned Greek Piraeus Port Authority (PPA) posted an annual year-on-year 147 per cent annual net profit increase to EUR27.9 million (US$31.6 million) drawn on revenues of EUR132.9 million, which increased 19 per cent.
'The year 2018 was the most successful year for PPA in terms of profitability,' said port authority CEO Fu Chengqiu.
'This is mainly due to the revenue increase from the concession fee by 27.8 per cent, or EUR12.2 million and the revenues from the container terminal by 25.3 per cent or EUR5.1 million,' said the port authority statement.
A further 13.2 per cent increase in revenue was recorded in the ro-ro terminal, up EUR1.6 million and in the ship repair section by 37.4 per cent or EUR2.6 million.
Also, PPA will pay EUR4.8 million concession fee to the Greek State for the year 2018 compared to EUR4.1 million in 2017. A significant increase was also recorded in cash amounted EUR80.9 million compared to EUR61.9 million in 2017.
Said CEO Fu: 'We expect in a short term period to have the necessary approvals from the Greek state to accelerate the implementation of the investments, which will create added value for shareholders, employees, local communities and stakeholders.'