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€ 1.387 billion after taxes is the loss of the financial holding company Marfin Investment Group (MIG) for the first half of 2010. According to the results the group published in the Greek edition of the Insurance Market magazine, € 1.161 billion of the total loss are recorded as financial loss due to revaluation of assets (impairment test), and as a result of the poor state of local economy and the reserves for its short and medium term development.
  
The official press statement of Marfin Investment Group gives a detailed picture of the financial results. It represented losses from seized operations amounting to € 254.6 million € 132.6 million of which are from revaluation of assets. The corporation reports that € 80.3 million of that loss will be refunded after completion of the merger of the two largest Greek airlines Edzhian and Olympic Air (owned by Marfin Investment Group). Excluding the accounting adjustment of losses from seized operations, operating losses of MIG after taxation and minority interests amounted to € 103.5 million. Consolidated sales for the first half of 2010 reached € 753.5 million. They amounted to € 583.8 million respectively in the same period of the last year. On the other hand, the consolidated gross profit till July this year is € 179.4 million, registering a significant decrease compared with its value for the same period in 2009, when it reached € 190.8 million. Marfin Investment Group’s equity at the moment equals € 2.46 billion and one share is estimated at € 3.24.

The Chief Executive Officer of MIG Dionisis Malamatinas explicitly stated that whatever the results of the first six months of 2010 Marfin Investment Group remains a solid capital structure of ample liquidity. He stressed that the company has very strong capital base as the available cash amounts to € 570.4 million. The corporate group of MIG includes number of companies such as Olympic Air, Superfast Ferries, Blue Star Ferries, Attica SA Holdings, HEALTH Diagnostic & Therapeutic Centre of Athens, MIG Real Estate, SingularLogic (software company), Hilton Cyprus, Anakon Investments SA and Theros International Gaming Inc., Euroline (banking and financial services) and others.

“Most of the companies in the group continue to keep the first or second position on the relevant market,” said Dionisis Malamatinas. He explained that the unfavorable state of the Greek economy and the negative outlook for its future have become the real reason several companies in the corporate group to reorganize their business plans, which has led to record losses and significant accounting adjustments.