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LOT makes profit

Polish national carrier publishes nine month profit

Published: 12/6/1999

Poland's national air carrier, LOT, has made a net profit of 35.1m zlotys ($8.26m) in the first nine months of 1999, on sales of 1.9 billion zlotys. LOT, in which Swiss aviation group, SairGroup, recently bought a 10% stake, with a commitment to raising it"s holding to 37.6%, carried 2.11m passengers over the period. No comparable figures were provided for the previous year. LOT returned to profitability in 1998, earning 1.9m zlotys ($463,400) after years of losses, and generating total revenues of 2.14 billion zlotys. The airline has predicted that it will maintain its profitability in 1999, but a declining zloty, which affects dollar-denominated aircraft leasing payments, and rising fuel prices could undermine this.

Article ID: 1166

 

 

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