Following approval of the Annual Financial Report for 2011, the Piraeus Port Authority Shareholders ended proceeding of its general meeting. Piraeus Port Authority Chairman George Anomeritis stated: "2011 was a year in which positive economic and reformist steps were taken which enhance Piraeus as an important hub in the port industry. This positive trend will continue in 2012".
Despite an ongoing fiscal crisis in Greece and a difficult adjustment to new realities, Piraeus Port Authority was profitable. Revenue increased 6.5 pct despite a decrease in turnover by 9.93 pct. This is due to a significant reduction in administrative expenses and operating expenses. Earnings before tax amounted to EUR 10.7 million. Net profit after tax stood at EUR 6.4 million.
George Anomeritis also revealed that the Port Authirity will continue to implement its investment program worth approximately EUR 1 billion, with particular emphasis given to the cruise sector.