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.