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Cost of debt cuts Rotterdam port's profit, revenues up 3.1%

Cost of debt cuts Rotterdam port's profit, revenues up 3.1%
The Port of Rotterdam Authority has reported a 4.9% drop in profits to EUR215m for 2014, despite an increase in revenue for the year.

Revenue rose 3.1% to EUR660m, led by a 5% increase in lease revenues to EUR337.5m from the release of new sites, chargeable infrastructure development for users' requirements and contract renewals. Revenues from seaport charges were in line with a 1% rise in throughput reported earlier this year, up by 1.2% to EUR306.2m.

Financial director Paul Smits commented: "The massive investments of the past few years have caused our long-term debt rise to EUR1.3bn, which also means a rise in our interest charges. In addition, the early repayment of a long-term debt of EUR45m involved the payment of additional interest charges."

As development of the Maasvlatke 2 reached the milestone of phase on completion, investment at the port fell to EUR189m from EUR262.9m

"The port authority intends to re-invest the largest possible share of its revenue back in the port. These investments will be mostly directed at servicing its current customers and sectors, but the Port Authority is also eager to expand its activities in the port and to invest in innovation," the company said in a media release.