Piraeus Port Authority posts 24% increase in 2015 profit

Piraeus

The Board of PPA SA approved the annual financial statements of 01.01.2015 – 31.12.2015 period according to which the main figures are the following:

Earnings before taxes amounted to € 9.772.290,19 against €8.891.464,98 in 2014 showing an increase of 9.91%.
Profit after tax amounted to € 8.375.754,17 compared to € 6.763.882,84 showing an increase of 23.83%.
The gross profit showed an increase of 13.9% compared to 2014 from € 22.958.410,89 to € 26.150.566,01.
Turnover amounted to € 99.880.455 compared to € 104.320.264 showing a slight decrease of 4.26%. The decrease is due to lower stevedoring and warehousing operations at the Container Terminal and Car Terminal while the revenue from the concession of Piers II and III increased by € 3.6 mil. approximately.

Total operating expenses for the year showed a marginal decrease (0.06%) and amounted to € 100.884.600 compared with € 100.942.867 in 2014 and asset depreciation showed no significant change.
Important though reductions have occurred in the following expense categories:

a) a reduction of third parties services by € 2.662.330,87 or 15.46%
b) a reduction of other expenses by € 682.486,19 or 11,15%
c) a reduction in the cost of sales of inventory and consumables by € 1.143.003,68 or 43,61% and
d) a decrease of € 2.176.915,17 or 4.05% in staff costs, which amounted to € 51.511.675,53 against € 53.688.590,70 in the respective period of 2014.

Decisive was also the impact of provisions on the profits.

The cash and cash equivalent of the company amounted to € 60.248.805 in 31.12.2015 compared to € 55.283.017 in 31.12.2014.

It is also noted that in 2015 were fully repaid obligations to the Social Security of €14 mil.

The financial statements were audited unqualified, based on the International Accounting Standards by the company Ernst & Young.

As the President & CEO of PPA SA Mr. John Kouvaris stated: “The PPA presents for another year a profitable financial use despite the ongoing economic crisis and realignments in the field of maritime transport, by reducing expenses, settling its obligations, while proceeds to the update of the provisions rationalizing its balance sheet”.

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