Port of Piraeus posts boost in gross profits despite lower revenues

The Greek port saw profits for the first half of 2016 jump 5.6 percent year-over-year to 12.7 million euros, despite headwinds from a 28-day strike carried out by staff between May and June.    Piraeus Port had gross profits of 12.7 million euros (U.S. $14,2 million, based on today’s exchange rate) for the first half of 2016, a 5.6 percent increase from the same period in 2015, the Piraeus Port Authority (PPA) said.
   However, revenues slipped 5.3 percent year-over-year to 46.2 million euros, driven down by a 28-day strike carried out by employees between May and June.
   Operating expenses for the first half of the year totaled 43.1 million euros, down 4.8 percent from the corresponding 2015 period. The PPA attributed the decline to an 8.7 percent year-over-year drop in payroll as a result of the strike.
   On Aug. 10, China COSCO Shipping officially completed its 280.5 million euro purchase of a 51 percent stake in Piraeus Port from the Hellenic Republic Asset Development Fund. Under the terms of the deal, China COSCO Shipping will purchase an additional 16 percent share for 88 million euros within five years and will also invest 350 million euros in the port over the next 10 years.