LOT makes a 2011 loss of $44.7 Million

Written by Your VIPTRIP Team on February 3rd, 2012

News reports state that LOT Polish Airlines has posted a loss of PLN145.5 million ($44.7 million) for 2011, narrowed from a PLN163.1 million loss in 2010. LOT said the 2011 loss was mainly due to high fuel prices lower fourth-quarter passenger traffic and a rapid increase in the dollar exchange rate at the end of the year.

LOT forecasted a PLN52.5 million profit for 2012.

“Excluding the effects of fuel price rises and exchange rate fluctuations LOT improved its financial result by PLN752 million over the past years,” CEO Marcin Pirog said. LOT carried 4.6 million scheduled passengers last year, up 9% compared to 2010. Load factors were similar to those in 2010, an average of 74% and exceeded 81% in the high summer season, the carrier said in a statement.

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