Piraeus Port Authority (PPA) S.A., a member of China's COSCO Shipping Group, announced on Monday its financial results for 2020, which reflect the impact of the COVID-19 pandemic on Greece's largest port.

The company's turnover was 132.9 million euros (161.4 million U.S. dollars) compared to 149.2 million euros in 2019, a decrease of 10.9 percent, according to an e-mailed PPA press release.

The change is mainly attributed to the significant decrease in revenues due to the pandemic in the cruise and coastal shipping sectors by 84 percent and 26.4 percent respectively as well as in the Ro-Ro (roll-on/roll-off) sector by 20.3 percent.

On the other hand, there was a remarkable 16.2 percent increase in revenues in the ship repair sector.

The company's profits after taxes amounted to 26.4 million euros, down 25 percent year-on-year, according to the statement.

PPA S.A. will pay a 4.8-million-euro concession fee to the Greek state for 2020, it said.

"Despite the impact of COVID-19 and the negative effects on the financial results in specific business units, the company achieved the uninterrupted continuation of port activities in conditions of safety, without placing any employee on temporary suspension," Yu Zenggang, chairman of PPA's Board of Directors, commented.

"In addition, the company proceeded with contracting of investments amounting to 211.7 million euros and has strengthened its efforts to accelerate their implementation, despite the challenging conditions," he added.

COSCO Shipping acquired the majority of PPA's shares in 2016 after an international tender. Its subsidiary, Piraeus Container Terminal S.A. (PCT), has been managing the port's container terminal since 2009.

A series of extension and upgrade projects have improved the port's image, third-party observers have acknowledged, while more works are scheduled for the coming months. (1 euro= 1.21 U.S. dollars) 

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