March 6 - While revenue at the Port of Rotterdam Authority grew by 3.1 percent year-on-year in 2014 due to increased economic activity at the port, profits fell by 49 percent owing to higher interest charges and depreciation.
"We are not surprised by the fall in profit," said Paul Smits, financial director at the Port of Rotterdam Authority. "The massive investments of the past few years have caused our long-term debt rise to EUR1.3 billion (USD1.42 billion), which also means a rise in our interest charges. In addition, the early repayment of a long-term debt of EUR45 million (USD49.2 million) involved the payment of additional interest charges."
Smits added: "Also, the commissioning of Maasvlakte 2 led to a rise in depreciation of EUR7 million (USD7.6 million). At the same time, the rise in our revenues was limited, resulting in lower profit. We use our profit to distribute dividend and reduce our debt, but mostly to invest in the port."