The Board of Directors of P.P.A S.A on 29 May 2006 approved the Financial Reports of the Company for the first quarter of the financial year 2006. The Financial Reports were compiled according to the International Financial Reporting Standards and are summarized as follows:
1. The Company's turnover decreased by 3.8% amounting to Euro 34.5million, against Euro 35.9 million the relevant period of the financial year of 2005. This reduction reflects the reduced volumes of the Container Terminal.
2. Other operating revenues, compared to those of the relevant period of 2005 were reduced by 34.1% amounting to Euro 2.1 million. The reduction is attributed mainly to the interrupted operation of the Exhibition Center, which resulted to the reduction of rental income by Euro 800.000.
3. Operational expenses decreased within the reporting period by 7.6% and amounted to Euro 31.7 million. The reduction is attributed to lower remunerations paid to personnel as a result of the manning reduction of gang as well as to the reduction of the turnover.
4. Asset depreciation incorporated in the operational cost, increased by 12.7% amounting to Euro 2,22 million, against Euro 1.97 million of the previous financial period.
5. E.B.T. amounted to Euro 4,75 million, against Euro 4.73 million of the relevant period in 2005, showing a marginal increase by 0.41%, whereas net profits after current and deferred taxes increased by 4.67% due to the higher tax rate of the first quarter of 2005. (2006 - 29%, 2005 - 32%).