Piraeus Port posts 19 pct turnover rise in 2018

The turnover of Piraeus Port Authority SA (OLP) in 2018 amounted to 132.9 million euros compared to 111.5 million euros in 2017, an increase of 19.2 percent, the company announced on Friday.

Profit before tax amounted to 42.3 million euros, up from 21.2 million euros in 2017, an increase of 100 percent, according to an e-mailed statement.

The net result is improved by 147 percent to 27.9 million euros compared to 11.3 million euros in 2017, OLP added.
The company will pay 4.8 million euros concession fees to the Greek state for the year 2018 compared to 4.1 million euros in 2017, according to the press statement.

China Cosco Shipping has acquired the majority of OLP shares 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.

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