PLL LOT airline improves results - CEO
January 22, 2014
Poland's troubled flagship airline PLL LOT is improving financial results and will therefore refrain from motioning for the second tranche of public aid until end-June 2014, LOT CEO Sebastian Mikosz told a news conference on Tuesday.
"The carrier is recovering business-wise: financial results are improving, the restructuring plan is implemented consequently and one of the first decisions of the company this year is that LOT will not motion for the second tranche of public aid until end-June 2014," Mikosz said.
LOT's priorities for 2014 include maintaining financial liquidity and the dynamic pace of restructuring, as well as seeking to expand the offer of revenue-generating non-aviation services, the CEO said pointing to LOT's long-term strategy which is being drafted at the moment.
"The strategy is also supposed to be a starting point for future privatization and attracting an investor," Mikosz said.
LOT received the first tranche of state aid in the amount of PLN 400 million in December 2012 and initially expected to receive the second tranche in August 2013. In December 2013 the CEO said that LOT expected to end 2013 with a PLN 20 million operating loss, better than the PLN 142 million loss written in the firm's restructuring plan submitted to the European Commission.