LOT loses on high fuel costs but gains with new aircraft

As of the end of September 2000, LOT Polish Airways recorded gross losses of zl. 63.9 million. For the same period last year, losses recorded by the company amounted to zl. 32.5 million. Company representatives attribute the drop to the sharp increase in fuel prices. During the first nine months of this year, LOT spent 90% more on fuel than in the same period last year. Nevertheless, this year's third quarter seems to be looking up, since the company succeeded to reduce its zl. 72.4 million losses recorded after the first 6 months of this year. In the first 9 months of this year, the number of passengers taking advantage of LOT's services increased by 7% over last year. According to LOT, this was due to the introduction of five Brazilian Embrayer 145 planes and one Boeing 737 to its fleet. LOT plans to enlarge the fleet by an additional 5 five aircraft this year, for a total of 45 machines fying under the name LOT and its Eurolot subsidiary. (Prawo i Gospodarka, p.2