Profitability for the first half despite the long strike

Piraeus, 26.09.2016
Profitability for the first half despite the long strike
The Board of PPA SA approved the financial statements for the first half 2016, important aspect of which is to maintain the profitability of the Company, despite the long lasting strike of staff in May - June (total 28 days). More specifically:
a. Gross profit increased by 5.6% to € 12.7 mil. compared to € 12.04 mil. in the first half of 2015. This improvement occurred despite a 5.2% reduction of total revenues (€ 46.2 mil. in 2016 from 48.7 mil. in 2015), due to the strike that affected all of the company's activities and hindered the hitherto positive performance of the Company's sizes. Nevertheless the results show improved in almost all business units.
b. Total operating expenses for the same period decreased by 4.8% (from € 45.2 mil. to € 43.1 mil.). This change resulted from the 8.7% decrease of payroll due to the strike.
c. Profit after tax amounted to € 1.6 mil., but have significantly burdened by the outcome of litigation cases, which are not expected to affect the results of subsequent years.