LOT expects 2002 losses to total around zl. 300 million

Air carrier PLL LOT does not expect a profit from its core business activities for 2002. However forecasted losses are to be far lower than for 2001. The carrier expects a net profit of zl. 28 million on financial operations, but none from air flights. Over the first five months of 2002 LOT made a loss of zl. 116 million. Piotr Ikanowicz, the company financial director said they made a zl. 28 million profit thanks to refinancing the ten planes that LOT bought. "This is not an analysis of the carrier. We still do not know what has caused such a high loss," said Boguslaw Liberadzki during Tuesday's meeting of a parliamentary commission. However the net loss of the company is expected to be 50% lower than the zl. 600 million it suffered last year". (Prawo i Gospodarka, p. 3) P.W.