BUSINESS

Piraeus Port Authority posts record profits

TAGS: Shipping, Business

Cosco-owned Piraeus Port Authority (OLP) registered its highest profits in a decade in 2017, according to the annual presentation that took place on Tuesday at the Association of Institutional Investors.

OLP posted a 7.7 percent annual rise in turnover to 111.5 million euros, from 103.5 million in 2016, while after-tax profits soared 68.6 percent to 11.3 million euros, against 6.7 million the year before.

Pre-tax profits almost doubled to 21.2 million euros from 11 million in 2016.

Indications for this year are even more positive after the first four months, regarding activities such as container handling and ship repairs.

In the year to end-April it was the car terminal in Piraeus that showed the highest growth, amounting to 32 percent in transit cargo and 23 percent in locally destined cargo.

OLP chief executive officer Fu Chengqiu stated that “2017 was the first full year of the new management of Piraeus port and was marked by positive results. We believe that with the implementation of our investment plan that is already under way there will be further improvement both in the business operation of OLP SA and its financial efficiency, and all business units will continue to show positive results.”

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