September 5, 2014
LOT Polish Airlines back in the black after years of losses
LOT Polish Airlines has consistently improved its financial standing and is now in the black. At the end of August, the airline exceeded the cumulative breakeven point, thus making a profit on its core business of flying following years of losses. This is in line with the assumptions of the restructuring plan. Sebastian Mikosz, CEO of LOT Polish Airlines said, “Compared to the corresponding period of 2013, we have attained a better result of PLN 100m ($30,934,000). LOT is seeking to achieve sustainable profitability and we have consistently pursued our goals to meet our annual financial forecast. According to the Restructuring Plan, approved by the European Commission, we are expected to achieve a return of approximately PLN 70m ($21,654,000) in 2014. Our improved effectiveness is marked in all aspects of our operations. Reaching the breakeven point is the exclusive success of the company’s activities. There are no market-specific factors, such as aviation fuel prices or currency exchange rates that helped us achieve these results, as was the case partially last year.” LOT began to improve its financial results in 2013. Last year closed with a slight loss on the core business of PLN 4m ($1,237,360). This result was still better than assumed in the Restructuring Plan. Last year was also the first year of many in which LOT recorded a net profit. It amounted to PLN 26m ($8,042.840).