Troubled Greek flag-carrier Olympic Airways saw turnover fall by 2% last year compared with 1997, although it was able to report a net profit of Dr1.66 billion ($5.3 million) for the period, thanks to a Dr12 billion gain from a write-back of previous provisions.
The airline also suffered an operating loss of Dr10.36 billion, compared with a Dr28 billion loss in 1997.
Olympic chief executive Rod Lynch of British Airways' Speedwing consultancy says: "The underlying performance of the airline still needs to improve," and says its 1999 figures will be hit by "a world-wide downturn". Lynch is scheduled to present a business plan to the Greek Government by the end of September and must also satisfy the European Commission that the airline is complying with conditions relating to state aid grants.
Source: Flight International
