Polish carrier LOT improves results
December 12, 2013
Poland’s debt-ridden flagship airline PLL LOT plans to close the year with a PLN 20 million loss better than PLN 142 million in the red written into the restructuring plan, LOT CEO Sebastian Mikosz told a press conference on Wednesday.
"According to our latest projection, we will close the year with a minor loss on core operations (passenger transport) at a level of some PLN 20 million," Sebastian Mikosz said. This compares with a loss of PLN 149 million after the first 11 months of 2012, the CEO said.
In the January-November period LOT improved its result versus the restructuring plan by PLN 111 million, the CEO said.
"The third quarter, in which LOT sported PLN 100.5 million operating profit was especially good," the official added.
Also the firm's cash position is better, by PLN 162 million, than the restructuring plan envisaged, he said.
LOT was Europe's first carrier to have the 787, but suffered losses when the planes were grounded globally for security reasons.
LOT signed a compensation deal with Boeing on Monday, but did not disclose the details.
The impact of the agreement with Boeing on compensation for grounded Dreamliner planes will have a marginal impact on 2013 results and will be visible predominantly in 2014 , Mikosz also said.
Thanks to better-than-planned results LOT has postponed the motion for a second tranche of state aid, the statement showed.