The Board of Directors of P.P.A. S.A. on 29/11/2010 approved the Company’s Financial Reports for the third quarter of 2010. From the Report, the following arise: 1. The Company’s turnover amounted to €92.29mil, against €96.33mil. in the relevant period of 2009. However the amounts are not comparable, since the new Container Terminal started operations as from 1/6/2010 and on a trial basis. From the remaining activities, berthing dues record a significant increase, amounting to €16.74 mil against €12.52 mil in the relevant period of 2009, due to increased vessel calls. Car Terminals also record a satisfactory increase with revenues amounting to €8.27 mil (14.38% increase), while the cruise sector records an increase by 25.83% with revenues amounting to €2.57 mil. 2. Other operational revenues are at the same level as in the relevant period of 2009, amounting to €5.83mil, (€5.89mil. on 30/9/2009) 3. Total expenses for the period, excluding provisions, consumables and depreciation amounted to €74.64 mil. against €83.01mil. in the same period of 2009. This significant reduction (10.07%) is mainly attributed to the payroll cut, in accordance with the L3845/2010 regarding the austerity measures for the State fiscal plan. 4. Consumption of spares and consumables for the 9M of 2010 amounted to €820.48 thous against €2.61 mil. in the relevant period of 2009. The reduction derives mainly from the concession of equipment and machinery of the Container Terminal which was absorbing the biggest part of spares and materials consumption. 5. Asset depreciation incorporated in the operational cost increased by 21.47%, amounting to €9.9 mil. against €7.77mil. in the relevant period of 2009. This increase is attributed to the commencement of operations at Pier I container terminal as from 1/6/2010 that increased Company’s assets. 6. Net financial profits before taxes for the period amounts to €2.78 mil. against profits of €7.93 mil. in the respective period of 2009, while profits after taxes amount to €1.87 mil., against profits of €3.6 mil. in the relevant period of 2009. The difference is mainly attributed to the significant increase that was recorded in provisions –compared with the relevant period of 2009- amounting to €485 thous. Source: Piraeus Port Authority
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