Piraeus, September 26th 2019
Financial Results for the First Half 2019
The BoD of PPA S.A. approved the financial statements for the first semester of 2019. The basic figures are the following:
The turnover amounted to € 70.6 million which compared to the same period of 2018 (€ 63.5 million) increased by 11.2% (€ 7.1 million). This change is mainly due to the increase in revenue from the concession agreement of Pier II+III (+ 18.6%), ship repairing sector (+ 41.2%) and cruise sector (+14.6%).
The profit before tax for the six months period amounted to € 21.9 million, increased by 17% from € 18.7 million in the same period of 2018 and earnings after taxes amounted to € 15.9 million, compared to € 13.3 million in the first semester of 2018 (+ 20%).
Total cost and expenses in the interim financial statements is €49.4 million compared to €46 million in the first semester of 2018 (+7,3%). The staff cost which is the most significant amount of operating costs, decreased in the first semester of 2019 to € 28.0 million from € 28.8 million in the first semester of 2018. The decrease was mainly due to the decrease of headcount relating to voluntary retirement incentives to those employees who have been entitled to retirement.
The Chairman of the BoD of PPA S.A. Mr. YU Zeng Gang commented: “It is significant that for one more semester the Company's financial figures are showing a positive change. We continue with the same strategic planning for the development of all business units of Piraeus Port. The approval of the Master Plan is a positive step towards this direction”.