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Piraeus Port Authority financial results for the first half 2020 showing a decrease of 5.8% due to Covid-19

The BoD of PPA S.A. approved the financial statements for the first semester of 2020.

The basic figures are the following:

The turnover amounted to € 66.5 million which compared to € 70.6 million to the same period of 2019, is showing a decrease of 5.8% (€ 4.1 million). This change is mainly due to the significant reduction of revenues from the Cruise sector by 83.9(€ 3.7 million), the revenues of the Coastal Shipping sector by 32.8% (€ 1.6 million) as well as the revenues from the Car Terminal by 28.3% ( € 2.2 million). The above decrease was mainly counterbalanced by an increase in revenues at the Container Terminal by 17.8% (€ 2.0 million ) and revenues from the Ship Repair sector by 21.8% € 1.4 million.

The total expenses amount to € 44.8 million compared to € 49.4 million in the first half of 2019 (-9.2%).

The profit before tax for the six months period amounted to € 20.9 million compared to € 21.9 million in the corresponding period of 2019, reduced by 4.7% and earnings after taxes amount to € 15.5 million, reduced by 2.2% compared to € 15.9 million in the first half of 2019.

The Chairman of the Board PPA SA Mr. YU Zenggang commented:
“Despite the undeniable impact of COVID-19 on PPA activities, we make great efforts to reduce the negative side effects on our financial results. The second half is expected to be even more challenging due to the impact on Cruise sector and Coastal Shipping, however we are strengthening our actions in every other business unit, especially in Containers and Ro-Ro sector”.

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