Piraeus Port Authority S.A. (PPA) recently presented its 2016 financial results to members of the Hellenic Fund and Asset Management Association, which showed a 3.6 percent increase in revenues and 13 percent increase in profit before taxes.
Athanasios Liagkos, PPA board member and management consultant, made the presentation at the Athens Exchange offices on behalf of the PPA board of directors, with PPA CEO Capt. Fu Chengqiu in attendance. Other PPA officials at the presentation included Deputy CEO and CFO Ji Fengming, Deputy CEO Angelos Karakostas and Financial Department General Manager Tian Chao.
Last year revenue grew from $111 million in 2015 to $116 million, corresponding to a growth in profit before taxes of $1.3 million to $12.3 million in 2016, according to a press release. These successes came despite a difficult environment hampered by economic downturn, strikes and the refugee crisis. PPA also paid an additional $1.12 million to Greece, following a new concession agreement that saw fees grow from 2 percent to 3.5 percent.
"In 2016, the new PPA management ensured the smooth transition and reorganization of the Company and prepared the implementation of the Investment Plan,” Fu said. “2017 is the first year of building and developing the new PPA".