Wednesday, August 12, 2009

LOT finally published 2008 results

LOT Polish Airlines admitted to a 2008 net loss of zł733 million, which amounts to about $245 million (the net loss of LOT capital group was zł706 million). According to the management, the company is negotiating installment payments with creditor banks.

The loss of the state-owned company was attributed to a crisis in the industry - a decline in passenger numbers, business class passengers switching to economy class, as well as disastrous fuel hedging contracts.

At a recent press conference, LOT's CEO Sebastian Mikosz announced the airline will soon choose the investment bank that will be advising the carrier with the privatization. He admitted, however, the plans of entering the bourse this year are unrealistic.

H1 2009 preliminary results included zł178 million loss, but Q2 2009 brought the company zł132 million of net profit. In 2007 LOT had zł29.7 million of net profit.

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