Greece's Piraeus port turnover rises by 22.1 pct in H1

Greece's Piraeus Port Authority S.A. (PPA S.A.) turnover increased by 22.1 percent in the first half this year compared to the same period in 2017, it was announced on Wednesday.

The Chinese-controlled harbor's turnover amounted to 63.5 million euros (75 million U.S. dollars) compared to the 52 million euros over the same period in 2017, according to an e-mailed press release.

The change was mainly attributed to the significant increase in revenue from the concession agreement of Pier II+III (29.5 percent), container terminal sector (20.1 percent), car terminal sector (29.7 percent), as well as ship repairing sector (48.3 percent), it said.

The profit before tax for the period amounted to 18.7 million euros, more than double compared to the same period a year earlier (8.6 million euros), and earnings after tax amounted to 13.3 million euros compared to 4.4 million euros in the first half of 2017, according to the press statement.

The staff cost which is the most significant amount of operating costs, decreased in the first semester of 2018 to 28.8 million euros from 30.2 million euros in the same period of 2017.

"The very positive financial results prove once again the potential of PPA S.A.," Fu Chengqiu, CEO of PPA S.A., commented, stressing that the upward trend continues also in the second semester of 2018.

"The financial results also confirm the right choices of our strategic planning and the right direction of our investment plan," he noted.

China Cosco Shipping has acquired the majority of PPA shares in 2016 after an international tender. The company's subsidiary PCT has managed the port's container terminal since 2009.

After a series of projects across the harbor, its image has already changed, with remarkable results posted in recent years.

The Chinese investors' vision in cooperation with the Greek state is to upgrade Piraeus into a leading port in the region to the benefit of international shipping, trade and the ailing local economy which is recovering after an acute eight-year debt crisis. (1 euro = 1.17 U.S. dollars)