ATHENS, Sept. 27 (Xinhua) -- Greece's Piraeus Port Authority S.A. (PPA S.A.), which runs the country's largest port, posted record high profits and turnover in the first half of fiscal year 2023, the company said on Wednesday.

The company's profits before taxes increased by 48.8 percent to 49.4 million euros (51.9 million U.S. dollars), compared to 33.2 million euros in the same period of 2022, according to an e-mailed press release.

Profits after taxes increased by 49.6 percent to 38.7 million euros, compared to 25.9 million euros in the corresponding period of 2022.

In the first half of 2023, the company's turnover totaled 102.4 million euros, 10 percent more than in the same period of the previous year.

The growth in turnover is attributed to increased revenues across all activities, especially to the cruise sector. The number of passengers transported doubled compared to the corresponding period of 2022, the company said.

The number of containers handled at the port's three piers also increased despite the challenges currently facing the transport sector, the PPA said.

Yu Zenggang, PPA's chairman, said he was satisfied with the port's positive financial results and the strong start of fiscal year 2023.

The unwavering dedication to achieving balanced growth and to continuously improving services across all port sectors have played a pivotal role in driving these positive financial results, firmly establishing the port as comprehensive, high quality and highly competitive, he commented.

China's COSCO Shipping acquired the majority of PPA's shares in 2016 after an international tender.