LOT Polish Airlines announces good half-year results

Warsaw, 26th July 2011 – At today’s press conference, LOT Polish Airlines presented its financial results for the first half of 2011. Despite difficult economic and market conditions Poland’s national carrier has improved its result by PLN 32 million in comparison with the first half of 2010.

LOT Polish Airlines has informed that its return on ordinary activities in the first half of 2011 amounted to PLN minus 119.6 million in comparison with PLN minus 151.5 million in the first half of 2010.

Thanks to the capital transactions conducted at the beginning of this year the net result amounted to PLN 123.3 million in comparison with PLN minus 132.5 million last year.

„The results for the first half of the current year provide reasons for being optimistic and are better than forecasts” – said Marcin Piróg, LOT Polish Airlines CEO. “Such favourable results mean a great deal in the context of an increase in the prices of fuel, which at the beginning of this year already cost us approximately additional PLN 100 million. Our market share has also become greater.”

In June the price of jet fuel amounted to USD 1,067 per tonne in comparison with USD 759 in June 2010.

Transport results as well as flight punctuality and regularity have also improved.

In the first half of this year LOT transported a total of 2,145,207 passengers, i.e. 8% more than in the same period of 2010. An increase in the number of passengers on scheduled services amounted to 14% which means that this number has gone up by more than 250,000.

The average punctuality of service has improved by nearly 4% and amounted to 84.7%.

Regularity, i.e. the percentage of planned flights actually operated, amounted to 97.4% in comparison with 95.5% last year.