ECONOMY

OSE reports improved financial performance

ose-reports-improved-financial-performance

The Hellenic Railways Organization (OSE) reported improved financial results in 2018, with its earnings before interest, tax depreciation and amortization (EBITDA) showing a 93 percent improvement from 2017: In absolute figures EBITDA amounted to just -430,000 euros, against -6.11 million in 2017, approaching the desired result – zero EBITDA – for the corporation, so as to stop incurring losses.

Operating expenses were reduced from the previous year by 6.8 percent, and turnover grew by 11 percent or 2.5 million euros.

Administrative expenses shrank by 11.4 percent. Revenues are expected to more than double from the concession of the Thriasio Railway Station and Freight Center and the increase in network use fees for 2020.

Liquidity, albeit reduced by 7 percent, remains at a satisfactory level that should be sufficient to cover payments for this and the next few years.