OLYMPIC AIRWAYS has revealed that its net profits for 1995 were even larger than the preliminary result revealed on 13 March by the Greek flag carrier's then chairman, Professor Rigas Doganis, who was immediately sacked on 14 March.
State-owned Olympic made a net profit of Dr9.2 billion ($39 million) in 1995, compared with a Dr30 billion loss the previous year. The 1994 result would have been even worse, had a large part of the airline's debt not been written-off under its European Union-approved state-aid package.
The second tranche of Olympic's state-aid package has still not been approved, by the European Commission partly because of concerns over Government interference in the airline's management.
Doganis had been appointed to see through a three-year restructuring plan, before being forced to resign by the Greek transport minister, Haris Kastanides.
Further management upheavals at the airline could follow the 22 September Greek general election, if it results in the appointment of a new transport minister.
Source: Flight International