The Cosco-managed Piraeus Port Authority (PPA) this week announced 18.7 million euros in profits for H1 2018, citing higher turnover and reduced operating costs during the first six months of the year.
Net profits reached 13.2 million euros, a figure that may not raise eyebrows for major port operators, but one that is 300 percent higher than in the first half of 2017.
The level of first-half profitability is the highest since 2004, when Greece’s biggest and busiest port was still controlled by the state, and amid the height of then preparations for the Athens Olympics the same year.
Turnover reached 63.5 million euros, up from 52 million euros from the corresponding period of 2017, or 22.1 percent.
PPA’s biggest source of revenue continues to be the container terminal (PCT), with 26.8 million euros in revenues reported for the first half of the year. PCT is a subsidiary of Cosco, taking over the concession prior to its parent company winning an international tender for a majority stake in the port authority and its management.
On the flip side of the ledger, PPA operational costs were also reduced. Indicatively, the port authority’s payroll costs over H1 2018 were cut by 1.4 million euros – from 30.2 to 28.8 million euros – the result of a voluntary retirement program.
“The very positive financial results again show PPA’s dynamism, with the upward course continuing in the second half of 2018,” Piraeus Port Authority CEO Capt. Fu Chengqiu said.
