LOT Polish Airlines Reports Profit
LOT Polish Airlines swung back into the black in the first eight months of 2014. The financial results achieved are in line with the restructuring plan approved by the European Commission in July 2014.
The airline reported better than expected results of PLN 100 million ($30.9 million) compared to the same period of 2013. In a statement, LOT said it is seeking to achieve “sustainable profitability.”
The airline said it has been financing the restructuring process exclusively from its own internal resources, adding that it does not plan to ask for a second round of government support, something originally planned for this September.
With all long-haul flights now operating using high-tech, fuel-efficient Boeing 787 Dreamliner aircraft, LOT said that the “Dreamliner’s effect” will bring direct tangible benefits, such as fuel savings, to its bottom line. In addition, more passengers are flying the airline thanks to an improved in-flight product and LOT is investing in marketing to new passenger groups, with an emphasis on in-transit passengers who are continuing to other destinations in Europe using Warsaw as a hub.
The restructuring process is slated to be completed by the end of 2015, at which time LOT will be permitted to offer new routes and destinations.
(Photo: Accura Media Group)