Piraeus Port profits jump 13 pct in 2016

Piraeus Port Authority (OLP), whose management has been under China Cosco Shipping’s control since the fourth quarter of 2016, posted a 13 percent increase in pretax profits last year.

This was achieved through a 20.3 percent drop in administrative costs and a 4.3 percent contraction in salaries, while turnover rose 3.6 percent to 103.5 million euros, the Athens-listed corporation announced on Thursday.

Pretax profits reached 11 million euros, against 9.8 million in 2015. After-tax earnings amounted to 6.7 million euros.

Cosco intends to invest 137.5 million euros in OLP this year.