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Piraeus Port Authority Reports Reduced Revenues In Quarter Three

Piraeus Port Authority reports reduced revenues in quarter three

Source: COSCO Shipping Ports Ltd
Piraeus, Greece (PortSEurope) December 24, 2020 – In the period January-September 2020, Piraeus Port Authority has reported revenues amounted to €99.381 million and €32.878 million for the third quarter of 2020. This compares to €111.4 million and €40.82 million in the same periods of 2019, decreases of 10.79% and 19.47% respectively. Piraeus Port Authority is operated by China’s COSCO Shipping Ports Limited. Gross profit amounted
to €45.32 million for the nine-month period and €15.41 million for the third quarter of 2020, compared €57 million and €23 million (-20.61% % and -33.20%). Earnings before Tax, Interest, Depreciation and Amortisation (EBITDA) amounted to €46.67 million and €15. 58 million, compared to €53.93 million and €22.27 million, a decrease of 13.47% % and 30.04% respectively. Earnings before Tax and Interest (EBIT) amounted to €3.479 million and €11.18 million, compared to €41 million and €17.94 million, a decrease of 31.73 % and 37.66% respectively. Profit before income taxes amounted to €31.36 million and €10.51 million, compared to €39 million and €17.22 million, a decrease of 19.76% and 38.93% respectively. Net profit after income taxes amounted to €23.534 million and €8 million, compared to €29 million and €13.246 million, a decrease of 19.16% and 39.51% respectively. Management Comments The effects of the pandemic at national and European level are visible on both domestic cargo handling (imports and exports) and transshipment cargo. In the passenger sector and especially in the cruise sector the decrease of passengers in the 9-month period against same period 2019 amounts to 98.8% (from 844,673 to 10,060) as the industry has been affected globally and cruising has stopped almost completely. In coastal shipping in the period January-September, there is a decrease of 35.1% in passenger traffic (from 13.4mil to 8.7mil) and 16% in the passage of vehicles (from 2.2mil to 1.8mil) compared to the same period of 2019. In the period of nine months at the container terminal there is an increase of 19.4% in the total cargo due to increased transshipment cargo handling (from 259,811 TEU to 330,418 TEU) but a decrease of the domestic cargo by 7.8% (from 74,713 to 68,884 TEU). In the same 9-month period at the car terminal a decrease of 31.3% (from 307,008 to 210,930) was recorded in the total cargo as both the domestic (-32.5%) and the transshipment cargo were reduced (-30.8%). In the ship repair sector, the serviced ships in the dry docks increased by 13.1% (from 84 to 95) in the first 9 month compared to 2019 and a small decrease (-5.0%) was recorded in the ships in NEZ (from 218 to 207). Significant changes in borrowings and / or capital structure as well as to other significant figures of the financial position statement during the third quarter of 2020. The total borrowings of the Company amounted to €53.5 million on 30.09.2020, compared to €56.5 million on 31.12.2019 due to the repayment of two installments of the current loans. Cash and cash equivalents amounted to €100.4 million on 30.09.2020, compared to €106.7 million on 31.12.2019. The financial liquidity of the Company is very strong taking into account the repayment of the dividend for the year 2019 amounting to €13,470 thousand that took place in the third quarter of 2020. In addition, the investment activity of the Company continues based on its business plan and within the third quarter of 2020, investments of €4.1 million were made. Shareholders equity amounted to €243.5 million on 30.09.2020, compared to €233.5 million on 31.12.2019. Copyright (C) PortSEurope. All Rights Reserved. 2020.

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