ECONOMY

Olympic contains losses, but revenues decline

Olympic Air, the successor to Greece’s flag carrier Olympic Airways, posted a drop in revenues last year, although it managed to contain its losses to a considerable extent, official figures published on Friday showed.

The carrier owned by listed Marfin Investment Group saw revenues fall by 10 percent in 2012 from the year before, to 216.32 million euros.

On the other hand its losses fell 77.1 percent, dropping from 37.6 million euros in 2011 to just 8.61 million euros last year, after the company reduced staff numbers by 22 percent within just one year, from 939 in 2011 to 733 in 2012.