Piraeus, 28.05.2012
PRESS RELEASE
The Board of PPA SA approved the financial results for the first quarter of 2012 (January 1st - March 31st) and the statements of financial position, comprehensive income, cash flows and changes in equity, which were prepared under the International Financial Reporting Standards.
According to the data presented to the Board Chairman and CEO of PPA SA, George Anomeritis:
1. The company's turnover amounted to 23.918.434 Euro and it has increased by 5.29% compared to 2011
2. Other operating income amounted to 2.938.023 Euro and has increased by 26.53%
3. Total operating expenses decreased by 4.14%
4. Depreciation of fixed assets decreased by 2.13%
5. The fees and expenses by third parties decreased by 34.42%
6. The net pre-tax profit amounted to 185.379 Euro, compared to a loss of 3.299.615 Euro in the corresponding period of 2011
7. Profits after taxes (current and deferred) amounted to 521.964 Euro, compared to losses of 2.919.298 Euro in the corresponding period of 2011.
Mr. George Anomeritis after the Board meeting said: "Despite the ongoing crisis, which affects the handling of cargo in the maritime transport and the winter period which always leads to a decrease in the area of port services, PPA SA, particularly through the options to strengthen political transhipment, presented in the first quarter of 2012 an increase in turnover and profits. Based on the expected increase in turnover during the summer period, the financial services of PPA SA expect that 2012 will be another profitable year for the Authority. "
Finally, the Board of PPA SA approved the convening of the Annual General Assembly of the Authority for the results of 2011, which will be held on June 22nd 2012 at the event hall of PPA SA.
