Olympic Airways posts surprise profit
Monday, September 13, 1999
National carrier Olympic<.> Airways announced an operating profit<.> of 1.6 billion drachmas for 1998, compared with an expected loss of 8.1 billion drachmas that had been projected earlier this year by the airline. In 1997, the airline posted a loss of around 39 billion drachmas.
Recently, the management of the airline was taken over by the UK firm Speedwing, a subsidiary of BA, which will undertake the management of the Greek airline for a period of 30 months.
Under an existing agreement in principle, Speedwing`s assignment is to make Olympic profitable, and take the ailing carrier into an international alliance. British Airways will also have an option to buy a 20 percent stake in Olympic.
According to Speedwing, Olympic`s worth could reach as high as 300 billion drachmas if the airline can manage to reorganize and modernize without serious problems.
Theodore Koumelis
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Monday, September 13, 1999
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