GREECE's state carrier Olympic Airways has returned to profitability, registering a profit of about £24.5 million for its 1995 financial year after 19 years of losses, it said in a statement yesterday.

When asked to clarify whether there were any results for the current year a spokesman said that 1996 results will be out at the end of 1997.

European Transport Commissioner Mr Neil Kinnock, speaking at a news conference in Brussels, welcomed the result but warned that Commission inquiries into Olympic's restructuring plan remained unresolved.

The European Commission expressed serious doubts about the restructuring package in an official notice published in July, saying the Greek government had failed to meet various commitments made in respect of the 54 billion drachma package of loan guarantees, debt write offs and debt to equity con versions.