Cosco's Piraeus port back in black with US$231,250 quarterly profit

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THE Greek Piraeus Port Authority, where Hong Kong-listed Cosco Pacific runs the big container terminal, posted a first quarter pre-tax profit of EUR185,400 (US$231,250) after a year on year loss of EUR2.94 million.

Revenue grew 5.3 per cent to $30 million, and there was a $652,500 profit after tax, compared with a $4.1 million loss in the first three months of 2011 with container traffic contributing the most to the upturn.

Pier I, the container terminal under the port authority, posted a 46 per cent year-on-year increase in the first quarter to 166,000 TEU. In the first four months of2012, Cosco Pacific's Pier II boosted volume 154 per cent to 679,600 TEU year on year.

As part of the privatisation plan to reduce Greek debt, the government plans to sell its 74.5 per cent stake in the Piraeus Port Authority this year.

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