The metro opera company, Opera Metropolis, announced on Monday it has achieved a total net profit of $1.7 million for the first three months of fiscal year 2017.
Operator company Opera Metasia said it was able to operate as planned in fiscal year 2016 as it grew its opera-playing population.
Opera Metasia CEO and co-founder Aloysius Mihalis said it has been a challenging year and that the company had achieved a successful transition to a new platform for its opera, with the majority of its opera performances now being held on an underground railroad network.
Operas have grown in popularity across Greece, Italy and Turkey.
Mihalis also said the company’s board of directors has approved an ambitious restructuring plan for the company.
Opero Metasia is a joint venture of two Greek companies, AETEC and Opera Metia.
The joint venture has been operating since 2010, and Mihalsia said he expected to announce a new board member in the coming weeks.
Operago Metasia was formed by Mihaleskias son, Aloysias Mihali, in 2012, when he left the management of the Greek Opera company to become the CEO of Opera Metopia.
Matsios Papadimitriou, the president of the board, said in a statement that the restructuring plan is “an important step for the future development of the company.”
The company has not released financial figures for the fiscal year, but the company said it had net income of $3.4 million for 2017.
The announcement came as Mihalas company has faced a series of setbacks, including a massive breach of its security system that compromised the financial information of its clients.
The company said last week that the breach had resulted in the loss of some of its key clients.
Operando Metasia, which was founded in the early 2000s, has operated in various regions of Greece, including the cities of Athens, Corinth and Karpathos.
Its operas are now performed in over 70 cities across the country.
Operation Underground Railroad, a public transportation system in northern Greece, has been running a subway-like system between Athens and other cities in the country for several years, but was recently shut down by the government, due to budget cuts and corruption allegations.