LOT finally with net profits from primary activity

For the first time in seven years, state-owned LOT recorded net profits from its primary activity (carrying passengers)  in 2014. The profits were valued at PLN 99 million, the airline informed. The amount is higher by nearly PLN 30 million  (e.i. 40 percent) than it was assumed in the firm's restructurization plan. "Due to receiving state aid, in 2014, we had to conduct nearly 8 percent less flights than a year before. Despite that, we serviced 2 percent more passengers and we increased our revenue in comparison to 2013, maintaining the costs at the same level," Sebastian Mikosz, LOT CEO said in a press release. "This year we need to, at least, repeat the financial success, because our goal is to achieve permanent profitability," Mikosz added. EBITDA stood at PLN 291 million, whereas it totaled PLN 156 million a year before and amounted to minus PLN 346 million in 2012. LOT estimates that it will achieve PLN 124 million net profits this year, the press release also informed.