LOT Polish Airlines Results After The Third Quarter Of 2000

During the first nine months of 2000 LOT flew 7.2% more passengers than in the first three quarters of last year. An increase in the number of passengers was observed for all types of flights: scheduled foreign, domestic and charter. The index of seat factor equalled 72% and remained unchanged.

The achievements of these good results were possible thanks to the introduction of five new Embraer EMB 145 planes and one Boeing 737 (for charter flights only). A larger number of flights were also offered. During the past nine months LOT made 3,830 more than in the same period in 1999 in respect to scheduled foreign flights alone.

More flights also mean increased total revenue. Total revenue grew by 14.5%. However, the drastic 90% increase in aviation fuel costs caused the gross result to worsen in comparison to the analogous period of last year. The gross result (not including the sale of shares in companies) closed at minus 63.9 million PLN and worsened by 31.4 million PLN. However, attention should be turned to the fact that the over 100 million PLN more was spent this year than in last year due to the aviation fuel price increase alone and therefore LOT’s results would be significantly better than last years if not for that increase.