According to its recently approved Annual Financial Report 2016, the Piraeus Port Authority S.A. had a 3.6 percent increase in revenues last year at $109.3 million, up from $105.5 million in 2015.
The report, approved by the port
authority’s board, shows increased revenue from the car terminal and cruise
business, amounting to $1.47 million and $1.05 million, or 13.4 percent and 8.2
percent increases, respectively. Revenue from the concession of Piers II and
III also contributed to the company’s increased revenue with $4.12 million.
The 3.6 percent increase in revenue comes despite continued challenges in the
country, including the lingering effects of the country’s economic crisis, the
ongoing refugee crisis and strikes.
The increased revenue, combined with
reduced operating costs, lead to a 13 percent increase in profit before taxes,
which hit $11.6 million compared to 2015’s $10.3 million.
Last year operating costs sat at $98 million, compared to 2015’s $106.5 million, an 8 percent decrease. This is
demonstrated in a 4.3 percent decrease in staff costs, from $52.6 million to
$50 million. There was also a significant reduction in administrative
costs, which dropped by $5.8 million, or 20.2 percent.
Piraeus Post Authority posts 3.6 percent increase in revenue in 2016
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