Piraeus Port Posts 24% Increase In 2015 Profit
By Aiswarya Lakshmi
Thursday, March 31, 2016
The Piraeus Port Authority (PPA) has released its annual financial statement for 2015, showing post-tax profits of 23.8 percent.
Earnings before taxes amounted to € 9.772.290,19 for the year ended 31.12.2015 against €8.891.464,98 in 2014 showing an increase of 9.91%.
Profit after tax amounted to € 8.375.754,17 compared to € 6.763.882,84 showing an increase of 23.83%. The gross profit showed an increase of 13.9% compared to 2014 from € 22.958.410,89 to € 26.150.566,01.
The President & CEO of PPA John Kouvaris stated: "The PPA presents for another year a profitable financial use despite the ongoing economic crisis and realignments in the field of maritime transport, by reducing expenses, settling its obligations, while proceeds to the update of the provisions rationalizing its balance sheet”.
Turnover amounted to € 99.880.455 compared to € 104.320.264 showing a slight decrease of 4.26%. The decrease is due to lower stevedoring and warehousing operations at the Container Terminal and Car Terminal while the revenue from the concession of Piers II and III increased by € 3.6 mil. approximately.
Total operating expenses for the year showed a marginal decrease (0.06%) and amounted to € 100.884.600 compared with € 100.942.867 in 2014 and asset depreciation showed no significant change.