Profitable the financial year of 2010
The BoD President and CEO of P.P.A. SA George Anomeritis characterized the financial year of 2010, for which the final results will be presented at the next Board of Directors Meeting in early March, as “profitable”. The reversal from the last year loss to profit is attributed to the reduction in the weighted average of total Company’s expenses by 12%. This decrease resulted from:
(a) the reduction of the third party expenses by 31%, (b) the reduction of third party allowances by 17% (c) the personnel reduction by 253 persons, which affected significantly the reduction of payroll cost by 11%. The turnover amounted to €122 million.
It is noted that 2011 will be a year of positive evolutions due to:
(a) the participation of P.P.A.SA as a leader to the Attica Port System , (b) the expansion of its operations with new revised tariffs, (c) the full operation of the Company’ subsidiaries, and (d) the restructure of its operating model .