LOT profits fuel plans for stock exchange take-off

LOT Polish Airlines have posted a net profit of zł.5 million in the first half of this year and plan to return a net profit at the end of the year. This would be the first positive net result in many years for the carrier, which incurred a net loss of zł.109 million in 2003. The result follows a cost-cutting scheme that LOT is currently realizing and an 8% increase in passengers over the same period last year. Meanwhile, the company is considering entering the stock exchange. In August a comprehensive analysis of opportunities and threats related to such a move will be prepared. "If the analysis is positive and the Treasury Ministry welcomes the plan, spring next year would be the first possible date for the debut on the bourse," said LOT president Marek Grabarek. He revealed that LOT will begin talks with the Ministry in September. The State Treasury owns a 67.97% stake in the national carrier, 25.1% is in the hands of the receiver of SAirLines and 6.93% belongs to employees. (Puls Biznesu, p.6) E.B.