Centralwings to raise capital and double passenger numbers

"We started with zł.5 million. With revenues of around zł.250 million, sooner or later we will have to find new sources of capital. It is possible that we could issue bonds," said Piotr Kociołek, Centralwings president. The carrier has not published its results for the first three quarters of 2005 yet, but it has been estimated that it posted a loss of about zł.11.9 million. "It is almost impossible that such a project would generate profits at once. Most probably we will recommend that Centralwings should cover the loss with future profits," said Bogusław Grabowski, a member of the company's supervisory board, adding that, "We have no liquidity problems." Centralwings is considering renewing its fleet as it expects to carry 722,000 passengers in 2005 and 1.5 million in 2006. (Puls Biznesu, p. 9) D.W.