The financial results for the year 2017 of PPA S.A. were presented to the Hellenic Fund and Asset Management Association.
The annual briefing to the Hellenic Fund and Asset Management Association for the results of PPA S.A. for the year 2017 took place at the Athens Stock Exchange, in the presence of the CEO of PPA S.A. Captain Fu Chengqiu, Mr. Angelos Karakostas, Deputy CEO, Mr. Athanasios Liagkos, Member of the Board of Directors and Management Consultant, Mr. Tian Chao, General Manager - Financial Dept. and other executives of the company.
The turnover amounted to € 111.5 million compared to € 103.5 million in the corresponding period of 2016, showing an increase of 7.7%. Profit before tax amounted to € 21.2 million compared to € 11.0 million in the year 2016, showing an increase of 92% and the net result is shown improved by 68.6% to € 11.3 million compared to € 6.7 million of the year 2016. This is the best profitability of the Company over the last decade.
As the CEO of PPA S.A. Captain Fu Chengqiu stated: "The 2017 was the first entire year of the new Management at the port of Piraeus and was marked by positive results. We believe that the implementation of our investment plan, which is already in progress, will further improve both the operational function and the economic efficiency of PPA S.A. and all business units will continue to have positive results."
It is noted that during the first months of 2018 the Company's upward trend is being continued and the most important increase has been recorded in Car Terminal (+ 32% in transit and + 23% in domestic cargo for the period January - April 2018).
An increase of more than 10% is also noted at the same period in the ship repair activity, despite the fact that the existing docks were not in full operation, due to the installation works of the new floating dock.