Greece’s City Road Transport Company (OSY) managing director Yiannis Economou announced that the company lost between 6 to 7 million euros in July, due to the fact that public transport in Athens was free after the imposition of capital controls.
Economou noted that OSY has been facing significant financial difficulties in the last years. “The economic crisis in our country, the huge decrease in government grants and the condition of our fleet, which requires increased expenses for spare parts and maintenance, are the main causes for the problems we face,” he said.
“This July decision to make public transport free has led to a loss of revenue amounting to 6-7 million euros, which has made the situation more difficult.”
He added that over the last 2 years, the company has made several attempts to reduce its expenses through collaborations and cutbacks.
In order to avoid any misunderstandings, the managing director also published data regarding the company’s cash flow.