Cost-cutting lifts LOT to zł.195 million net profit

A quarter of the sector's growth is expected to come through traditional carriers, while the rest is expected to be achieved by low cost airlines. LOT's revenues during three quarters of this year amounted to zł.2.16 billion, and were about zł.150 million less than a year earlier. Costs however, were also lower as compared to 2004 by over zł.230 million. The airline's cost-cutting program envisaged lowering expenses this year by zł.300 million, but it is already known that cost cuts will reach at least zł.350 million. The company's net profit was nearly zł.195 million. LOT closed 2004 with a loss on its core activities of zł.14.3 million, but a net profit of zł.18 million. "I think that from our core activities the net profit should top zł.100 million as compared to the planned zł.65 million," said Marek Grabarek, LOT's president. (Parkiet, p. 4) A.K.