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Piraeus Port Authority Reels in Higher Profit in 2017

Photo source: Piraeus Port Authority

Photo source: Piraeus Port Authority

The Piraeus Port Authority (PPA), which is managed by Chinese shipping giant Cosco, recorded a 92 percent increase in pre-tax profits in 2017, which amounted to 21.2 million euros compared to 11 million euros in 2016. The net result appears improved by 68.6 percent to 11.3 million against 6.7 million in 2016.

“This is the best profitability of the company over the last decade,” PPA said in an announcement, following its annual 2017 results briefing to the Hellenic Fund and Asset Management Association at the Athens Stock Exchange.

PPA’s turnover appeared to have amounted to 111.5 million euros compared to 103.5 million euros in the corresponding period of 2016, showing an increase of 7.7 percent.

According to PPA S.A. CEO Captain Fu Chengqiu, 2017 – the first entire year of PPA’s new management – was marked by positive results.

Photo source: Piraeus Port Authority

Photo source: Piraeus Port Authority

“We believe that the implementation of our investment plan, which is already in progress, will further improve both the operational function and the economic efficiency of PPA S.A. and all business units will continue to have positive results,” Captain Fu Chengqiu said.

2018 preliminary results

It is noted that during the first months of 2018, PPA’s upward trend continued, with the most important increase being recorded through the port’s car terminal (+32 percent in transit and +23 percent in domestic cargo for the January-April 2018 period).

Moroever, an increase of over 10 percent in ship repair activity has also been recorded during the same period, despite the fact that the existing docks were not in full operation, due to the installation works of the new floating dock.

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