Piraeus Port Authority (PPA) reports 8% hike in Q1 revenues

The Piraeus Port Authority (PPA) on Monday reported an 8-percent increase in first quarter 2023 revenue, which totaled 43.92 million euros, up from 40.68 million euros in the corresponding period last year.

After-tax profits rose 3 percent to 12.98 million euros, slightly up from 12.64 million euros in 2022.

EBITDA increased by 6 percent to 22.34 million euros.

The Piraeus Port Authority said bank borrowing reached 38.5 million euros, down from 44.5 million at the end of 2022, whereas cash reserves totaled 153.7 million euros.

The Cosco-managed and majority-owned port authority -the biggest and busiest in Greece- said an investment plan was progressing as scheduled, with investments recorded at 1.9 million euros in the first quarter of 2023.