ECONOMY

Piraeus instrumental in Cosco’s profits last year

Piraeus Container Terminal (PCT) was responsible for a major part of parent company Cosco’s earnings in 2014, the Chinese company confirmed while announcing its financial results at the Hong Kong Stock Exchange on Tuesday.

Profits from the operation of container terminals II and III in Piraeus rose 25.7 percent from 2013 to reach 26.5 million euros. Revenues climbed 14.8 percent year-on-year to 163.7 million euros from 142.5 million in 2013.

Cosco stated that its 18.3 percent profit rise last year was mainly thanks to PCT’s performance as well as operations at the Chinese ports of Guangzhou and Xiamen.