LOT rakes in profit, prepping for privatization and its stock market debut
In the near future the Treasury Minister will determine the pace of the
second stage of privatization of PLL LOT Polish Airlines. At present, a 52%
stake in the carrier is owned by the State Treasury, 37.6% by SairGroup,
which owns also Swissair, and 10.4% by LOT employees. Among the requirements
for starting the second stage of the company's privatization was that its
financial performance in the year 2000 should be positive. The company's
gross profit last year was zl.49.7 million (compared to zl.3.6 million in
1999), and thus it has scored profits for three subsequent years. Industry
insiders say that LOT is planning to launch seven new service destinations
this summer and will lease two Boeing 737 airplanes from Danish Maersk Air.
The fact that the company is looking forward to be quoted on the Warsaw
Stock Exchange has long been no secret. (Rzeczpospolita, p. B3)M. S.-C.
