Secret deal may help secure LOT's 2002 profit forecast

General Electric Capital Aviation Services, a company owned by the General Electric corporation bought from LOT Polish Airlines ten Boeing 737 planes to lease them back to LOT on better terms. There is speculation that thanks to this operation, which was kept secret, Polish Airlines now has a chance to meet its 2002 profit forecast. This deal was hinted at in a previous statement by the deputy president of LOT, Piotr Ikanowicz, who said that the carrier would make zl. 28 million net profit thanks to various financial operations. The transaction is believed to be worth around zl. 800 million, but the actual sum was not stated. This is not the first deal between LOT and GE, a few years ago they created a joint-venture to service jet engines. (Puls Biznesu, pp. 1, 4) A.D.