Loss at 9 month stage for Lithuanian Airlines

Published: 11/16/1999

Lithuanian Airlines (LAL) has reported a loss of 9.19 million litas ($2.3m) from its main business for the first nine months of 1999. The national air carrier reported a pre-tax profit of 1.14 million litas for the nine-month period last year and a loss of 3.6 million litas for the whole of 1998. LAL's nine-month sales and services shrank to 147.6 million litas this year, down from 159.3 million litas reported for the same 1998 period. Lithuanian Airlines carried 186,700 passengers in January through September of this year, down 5.6% year-on-year. The number of flights rose 8.5% to 3,177 over one year. It seems unlikely that the rest of 1999 will show much sign of recovery for the airline given the continuation of weak volumes in the latter part of the year.Year on year comparison may benefit from the effect of the Russian financial crisis falling out in 1999.

Article ID: 1079