LOT Polish Airlines Reports Profit for 2013

By Paul Riegler on 3 April 2014
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A LOT Dreamliner in Warsaw

A LOT Dreamliner in Warsaw

LOT Polish Airlines announced financial results for the year 2013 on Wednesday.  The state-owned airline said it had shown a profit of 26 million zlotys ($8.6 million), which includes an undisclosed amount of compensation that the carrier received from Boeing following the three-month grounding of the airframe maker’s new high-tech plane in 2013.

Excluding the compensation, LOT said it had generated a small loss of 4 million zlotys.  It had originally projected a loss of 142 million zlotys and attributes the improved figures to higher passenger numbers and an increased fuel savings by operating all of its long-haul flights with the fuel-efficient Dreamliner once the grounding was lifted.

The net profit figure includes an undisclosed amount of compensation LOT last year negotiated with Boeing for the global grounding of the Dreamliner jets in early 2013 after battery malfunctions on some aircraft.  LOT also received a 400-million-zloty loan in 2012 that saved it from insolvency.

On the operating level, without the compensation, LOT generated a small loss of 4 million zlotys compared to a loss of 142 million zlotys it had projected.

(Photo: Accura Media Group)

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