Piraeus, 27.08.2015
PRESS RELEASE
Enhanced Profitability in the first half for PPA SA
The Board of PPA SA approved the financial statements for the first half (January-June 2015) drawn up in accordance with International Financial Reporting Standards.
a. Total revenues showed a slight decrease of 2.9% (from 50.2 mil. in 2014 to 48.7 mil. in 2015) despite the significant reduction in the work of the Container Terminal (Pier I). Other operating income for the period increased by 5.9 million Euros and amounted to 9.2 mil. Euros compared to 3.3 mil. Euros in the corresponding period of 2014.
b. Total operating expenses in the same period, significantly reduced by 3.6 mil. Εuros or 7,34% (from 48.8 mil. EUR to 45.2 mil. euros). This change resulted from a wages reduction of 5% and the limitation of various maintenance and repair costs, while depreciation of fixed assets remained at the same level.
c. After tax profit increased by 130.5% and amounted to 7,6 million Euros compared to 3,3 million Euros in the first half 2014.
d. Impressive 40.4% increase recorded in cash and cash equivalents (62.5 mil. Euros compared to 44.5 mil.). As the President and CEO of PPA SA Mr J. Kouvaris stated:
"Despite the ongoing economic crisis, which affects the areas of trade and transport and hence the company’s activities, the PPA showed once again positive results by significantly increasing its profitability in the first half".
