Piraeus Port Authority 2011 Profit Declines to EU6.5 Million

Piraeus Port Authority (PPA) SA, Greece’s biggest port operator, posted an 8.5 percent decline in full- year profit as revenue dropped.

Net income last year fell to 6.5 million euros ($8.7 million) from 7.1 million euros in 2010, according to an e- mailed statement from the company today. Revenue declined 9.9 percent to 105.1 million euros.

“Already 2012 is moving more dynamically and profitably,”Chief Executive Officer Yiorgos Anomeritis said in the statement.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net