28/11/2011
PRESS RELEASE
The Board of PPA SA unanimously adopted the Financial Statements for the period 01.01.2011 to 09.30.2011 (nine months of 2011) which were prepared under International Financial Reporting Standards.
From the Interim Statements of Total Income, Financial Position, Cash Flow, etc. the following conclusions arise and are compared with the corresponding period in 2010:
1. Increase in profit before tax: 353% (9.807.688 versus 2.777.203 Euros)
2. Net Profit: 298% (5.554.138 versus 1.856.200 Euros)
3. Earnings per share: 0.2222 (versus 0.0746)
4. Total revenue reduction by 12.27%, but is not comparable to 2010 due to construction fee of Pier II (Cosco), amount of 18 million Euros, and non operation of Pier I in the first half of 2010.
5. Total cost: decreased by 11.66%
6. Remuneration of personnel: decreased by 13.55%
7. Depreciation: increased by 19.58% due to the start of operation of of the new Pier I, Container Terminal, from 01.06.2011, which led to increases in fixed assets of the company.
8. Change in Equity: The equity end of period amounted to 154.055.031 Euros over 143.823.026 Euros.
As the President and CEO of PPA SA, Mr. George Anomeritis, said when addressing the Board: "In an extremely difficult time for the international maritime transport sector, despite negative results in cargo handling and ship repairing containers (tanks), the overall financial performance was positive, due to the positive behavior of other sectoral activities (cruises, car terminal) and above all due to the strict containment of operating expenses and other expenses on salaries, overtime and administration. The positive economic performance of the Agency is expected to continue into the fourth quarter. PPA SA, which should be noted that currently is promoting a significant investment program, will display yet another profitable year. "
