Greece’s Piraeus Port’s turnover drops 5.8 pct in H1

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Piraeus Port Authority (PPA) S.A., a member of China’s COSCO Shipping group, announced the financial results for the first half of 2020 in Greece’s largest port, Trend reports citing Xinhua.

The figures reflect the pressure the COVID-19 pandemic has brought on activities.

The turnover in the first half of this year amounted to 66.5 million euros (78.07 million U.S. dollars), which, compared to 70.6 million euros to the same period of 2019, is showing a decrease of 5.8 percent, according to an e-mailed PPA press release.

The change is mainly attributed to the reduction of revenues from the cruise sector by 83.9 percent, revenues of the coastal shipping sector by 32.8 percent and revenues from the car terminal by 28.3 percent, it was explained.

This decrease was mainly counterbalanced by an increase in revenues at the container terminal by 17.8 percent and revenues from the ship repair sector by 21.8 percent, according to the statement.

The total expenses amounted to 44.8 million euros compared to 49.4 million euros in the first half of 2019. The profit before tax for the six months period amounted to 20.9 million euros compared to 21.9 million euros in the corresponding period of 2019.

“Despite the undeniable impact of COVID-19 on PPA activities, we make great efforts to reduce the negative side effects on our financial results,” said Yu Zenggang, Chairman of PPA’s BoD.

“The second half is expected to be even more challenging due to the impact on the cruise sector and coastal shipping, however we are strengthening our actions in every other business unit,” he added.

China’s COSCO Shipping acquired the majority of PPA’s shares in 2016 after an international tender, and its subsidiary, Piraeus Container Terminal S.A. (PCT), has been managing the port’s container terminal since 2009. (1 euro= 1.17 U.S. dollars).