ECONOMY

State company losses drop, but so do revenues

State companies and corporations saw a reduction in losses in the first five months of the year, as well as a considerable drop in income.

The Finance Ministry published on Wednesday data concerning 17 major state corporations, including the public transport companies, broadcaster ERT and the Hellenic Railways Organization among others, showing their total losses had been trimmed by 51 percent year-on-year, from 627.2 million euros in 2010 to 309.4 million this year.

This is attributed to cuts in salaries, staff and operating expenses, as these companies now have 3,357 fewer employees.

However, their earnings also dropped by a steep 17 percent on an annual basis, or 94.4 million euros, with transport companies seeing their proceeds fall despite the significant rise in fares.

There was also a 29 percent drop in grants from the state budget, from 317.7 million euros last year to May to 224.3 million this year.