ATHENS, Sept. 26 (Xinhua) -- The turnover of Piraeus Port Authority S.A (PPA S.A.) in Greece, majority owned by China's COSCO Shipping, amounted to 70.6 million euros (77 million U.S. dollars) in the first half of 2019, a year-on-year increase of 11.2 percent, the company said on Thursday.
The PPA's revenues increased by 18.6 percent from the concession agreement of Piers II and III, by 41.2 percent from ship repair, and by 14.6 percent from the cruise sector, the company said in an e-mailed press release.
In the first six months of this year, the company's profits before taxes amounted to 21.9 million euros, up 17 percent from 18.7 million euros in the same period of 2018. Earnings after taxes amounted to 15.9 million euros, up 20 percent compared from 13.3 million euros registered in the first half of 2018.
Staff costs, the most significant element of operating costs, decreased in the first semester of 2019 to 28 million euros from 28.8 million euros in the first half of 2018.
China COSCO Shipping acquired a majority stake in PPA S.A. in 2016 after an international tender. The concession agreement expires in 2052. The Chinese company's subsidiary PCT has also managed the port's container terminal since 2009.
