Bloomberg News

Cosco Pacific’s Greek Terminal Unit Swings to a Profit in 2011

May 18, 2012

Piraeus Container Terminal SA, the Greek unit of Cosco Pacific Ltd (1199), posted a profit in 2011 compared with a loss in 2010.

Profit was 4.7 million euros ($6 million) in 2011 compared with a loss of 7.1 million euros the previous in 2010, according to a statement from the port operator published today in Naftemporiki newspaper.

Sales at the company, which runs Pier II and which will build a future Pier III at Greece’s largest port, rose to 72.9 million euros from 62.8 million euros, according to the statement.

Piraeus Container Terminal has very good prospects even if Greece leaves the euro area, Wang Xingru, vice chairman and managing director of Cosco Pacific said yesterday.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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