Hellenic Fund for Entrepreneurship and Development (ETEAN) announced 2016 was a landmark year for the company as it reported profits for the first time in its history and a restructuring of its balance sheet. Based on current data, ETEAN expects this year’s results to exceed that of 2016.
In an announcement, ETEAN noted it managed a full restructuring of its balance sheet and the creation of reserves to cover any future losses, its equity capital stayed above 1.0 billion euros, operating spending fell 16 pct, after a 19 pct decline in 2015, liabilities to third parties dropped 87 pct to 32 million euros, the company improved its cash flow and reserves and reported an after tax profit of 62,000 euros, after a loss of 37 million euros in 2015.
ETEAN added that it managed to fully restructure its operations, to present profits with a strong capital base and liquidity, operating at 2/3 of the cost of recorded in 2014.
“Positive developments recorded, create optimism and confidence that ETEAN will meet any new challenges and new duties to be presented in the future by its shareholders,” the announcement mentioned.
Read more here.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: Wikimedia Commons Copyright: Europa credito urgente License: CC-BY-SA
Source: ANA-MPA
