Thessaloniki Port announces nearly 50-percent reduction in 2017 profitability

Thessaloniki_Port

The Thessaloniki Port Authority (OL.Th) announced a nearly a 50-percent reduction in profitability in 2017 – its last year as a wholly state-controlled entity – despite an increase in turnover of 13 percent.

The announcement came after a new board of directors took over the port authority’s helm, with members appointed by the consortium that won an international tender for a majority of OL.Th’s shares and its management.

The results came after the new management incorporated significantly increased amortizations and projections, taking into account, according to reports, results of a report compiled by independent auditors.

The development comes after new port authority president and CEO Sotiris Theofanis indirectly broached the negative results in a recent press conference, where he said, among others, that the organization’s finances and performance were in worse shape than what was presented to would-be investors in the relevant tender documents.

According to port authority sources that spoke with “Naftemporiki”, the new management has ordered a re-examination and rationalization of financial results, in order to base what it calls a highly ambitious master plan on “realistic foundations”.

In terms of absolute figures, OL.Th’s turnover in 2017 reached 54.231 million euros, up from 48.061 million in 2016 (+12.84 percent). Container traffic increased by 16.74 percent, reaching 401,947 TEUs, while bulk cargo posted an increase of 8.63 percent, yoy, or 3.598 million tons.

Revenue from leased property increased by 8.01 percent.

Conversely, EBITDA reached 18.849 million euros, down from 23.877 million euros, for a decrease of 21.06 percent.

Pre-tax profits fell in 2017 to 12.474 million euros, down from 21.081 million euros in 2016.

Source: Naftemporiki / By G. Hatzilidis

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