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LOT improves its financial results

12th December 2013
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LOT Polish Airlines expects to have a net loss of zł.20 million for 2013, the company said on Wednesday. Such result would be much better than the earlier expected net loss of zł.142 million, which was estimated in the company's restructuring plan prepared in the first half of this year.

In January-November 2013, LOT improved its net result on core operations by zł.111 million compared to the plan. The third quarter was especially good, the firm said, as it had a net profit on core operations of zł.100.5 million compared to zł.20 million in Q3 2012.

The company also said that its recently achieved agreement with Boeing, on compensation for the grounding of Dreamliner planes, will have little impact on 2013 results. Most of the impact will be visible in 2014, LOT said.

Both companies did not reveal the details of the agreement, LOT CEO Sebastian Mikosz only said that it is satisfactory for both sides. According to various media reports, Polish airline received about zł.100 million in compensation, which is what it asked for initially.

Poland A.M.

From Warsaw Business Journal

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