LOT Polish Airlines posts 9M profit, defers state aid
LOT Polish Airlines postponed its second tranche of state aid as it
continues to boost profits.
At the end of August, the state-owned carrier exceeded its
cumulative operating breakeven point, in line with its restructuring plan.
“LOT continues to perform as predicted in the annual financial
forecast,” it said in a statement. “This means that by the end
of 2014, the airline will reach the result on its core business of
PLN70 million ($21.2 million) in the black. This is consistent with
the assumptions of the restructuring plan.”
LOT has repeatedly assured that, if the second tranche of aid
was requested, it would be much lower than assumed. According
to the restructuring plan, the company should have received
PLN381 million in August of the past year.
CIMBER SET FOR CLOSURE
IN APRIL 2015 AFTER SAS
Danish carrier Cimber looks set to cease
operations in April next year following a
decision by SAS Scandinavian Airlines not
to renew its wet-lease contract. The carrier
rose from the ashes of Cimber Sterling following its bankruptcy in 2012.
Sønderborg-based Cimber has been
operating Bombardier CRJ200 aircraft on
wet lease (ACMI) for SAS since 2004. But
SAS said it has decided not to renew its
contract with Cimber because it believed it
could achieve better profitability on those
routes by using ATR aircraft instead.
The SAS contract ends March 28, 2015,
“leaving us with no other option than to
plan for a closure of Cimber by April 2015,”
Cimber CEO Jacob Krogsgaard told ATW.
He said the only reprieve for the company
would be finding new contracts for wet
leasing the CRJ200s, “or finding someone
Krogsgaard suggested such a partner
could be either a regional startup or a new
charter airline that could take advantage of
Cimber’s AOC and collective agreements to
operate its own aircraft at a lower cost base.