Piraeus Port Authority reports nearly 11% drop in turnover for 2020, due to pandemic recession

Turnover dropped in Covid-battered 2020 as reported by the Piraeus Port Authority (PAA), compared to 2019, with 132.9 million euros posted, compared to 149.2 million euros the previous year, a decrease of 10.9 percent.A collapse in the cruise sector, by 84 percent, and a significant drop in coastal shipping, down by 26.4 percent – 10.5 and 3.0 million euros, respectively – caused turnover to shrink, year-on-year. Additionally, vehicle imports dropped by 20.3 percent, translating into a loss of 2.8 million euros. Total expenditures also dropped by 8.8 percent in 2020, to 93.7 million euros from 102.7 million euros the previous year, with the payroll, however, remaining fixed at 58 million euros. Pre-tax profits reached 36.9 million, down from 47.6 million euros in 2019, a decrease of 22.3 percent; after-tax profits reached 26.4 percent, down by 25 percent from the previous year. Cosco-managed PPA paid 4.8 million euros to the Greek state in 2020 as part of its concession lease, down from 5.4 million euros in 2019.