The Piraeus Port Authority"s turnover decreased by 32.28% amounting to 116.04 million euros, against 171.35 million euros in the financial year of 2007.
Dockworkers" mobilizations from the beginning of 2008, coupled with the global recession which showed up in Hellas during the last quarter of the year proved enough reasons to hurt the Piraeus Port Authority"s (OLP) earnings. The company"s turnover decreased by 32.28% amounting to 116.04 million euros, against 171.35 million euros in the financial year of 2007. According to a relative statement ?personnel mobilizations throughout the financial year resulted to cargo rerouting from Piraeus Port to other Greek and foreign ports and consequently annual revenues remained at low levels. Specifically, revenue reduction in the Container Terminal was more than 50% against 2007, decisively influencing progress of revenue in this period?. In the remaining port activities, there was a revenue increase from passenger traffic and services to ships, a marginal reduction in the Car Terminal"s revenue and dock dues and a significant reduction in revenue from general cargo handling.
Operating expenses are reduced by 21.24% amounting to 112.83 million euros against 143.26 million euros in 2007. Reduced personnel payroll by 26.72%, as a consequence of the mobilizations, was the main reason for the decrease in expenses. Other operational expenses, apart from provisions and consumables, with some fluctuations up or down, were roughly at the same level as in 2007. It is noted that provisions for doubtful debts in the year 2008 amount to 579,000 euros against 2.58 million euros in the year 2007, while consumables, due to the reduced throughput in the Container Terminal decreased significantly from 4.52 million euros in 2007 to 2.77million euros in 2008.
Results before taxes amount to 8.91 million euros, against 33.45 million euros in the relevant period of 2007, recording a decrease of 73.36%, while net profits after current and deferred taxes recorded a decrease by 77.25% due to deferred taxes differences and amount to 5.59 million euros, against 24.58 million euros in the relevant period of 2007.