Financial Statements for the second quarter 2012


 Piraeus 29/8/2012

Financial Statements for the second quarter 2012

The Board of PPA SA approved the Financial Report of the First Half of 2012, whereby – and in the midst of economic crisis in the area of trade:

a) Revenue grew by 3.20%, amounting to 52.986.374,76 Euros.

b) Revenue of the Container Terminal (Pier I) grew by 30.77%.

c) Increase in revenues of the cruise sector by 16.75% and

d) Increase in revenues of the Car Terminal by 9.48%.

Operating expenses decreased by 4.08%. Gross profit amounted to € 9.827.330,44, versus € 4.493.246,44 in 2011, while net profit after tax amounted to € 1.120.047,87 versus € 3.655.590,12 in 2011. This reduction was caused by a reversal of revenues from unused provisions. Note that PPA SA faces no credit and currency risks, nor the application of the PSI had any effect on it. Of course, the bulk of the work does have a growing tendency, mainly because of the coasting and the cruising that usually occurs during the second half of each year, while two more works (Alon Port and St. Nicholas Port), were funded by NSRF (ROP of Attica). According to Mr. George Anomeritis: "the policy of choosing to support the cruise sector and to strengthen the mechanisms of transit cargo in the container and car terminals, along with the operational and work transitions, lead the company for the third consecutive year (2010-2012 ) to profitable use. "