Piraeus Port Boosts Pre-Tax Profit by 13%
INCREASED earnings from Cosco Group's 35-year operating concession at its container terminal helped the Piraeus Port Authority to increased earnings for 2016.
According to MANA, revenue from Cosco, which separately acquired a majority stake in the Greek port last year, increased by €3.9m ($4.15) under the concession deal.
A 13.4% rise in revenues from the port's car terminal and an 8% increase in revenues from the cruise terminal also contributed to the uptick in revenue but the port improved profitability in "virtually all the company's activities", according to the authority.
The PPA posted a pre-tax profit of €11m, a 13% increase from 2015. Another contributing factor was an 8% decrease in overall operating expenses.
Staff costs were cut down by 4.3% to €49.9m while administration costs were slashed by more than 20%.