LOT posts huge losses

14th August 2009

The Polish national airline LOT ended 2008 with a PLN 733 mln loss as higher fuel costs and lower ticket sales slammed the carrier's results.


The airline reported on Wednesday a loss of PLN 109.1 mln from core operations, while the majority of losses – PLN 412.2 mln – resulted from fuel delivery futures purchased just as oil prices peaked in July 2008.

PLL LOT President Sebastian Mikosz also blamed an industry-wide slowdown and a decline in passenger numbers for the poor results. "The crisis continues to deepen. Passenger and cargo transport is declining globally," he said.

The company said it has restructured much of the debt that resulted from the loss and has worked out an in ...