LOT signs agreement to list its shares

APA - Austria Presse Agentur
29-07-2005, 14:47

Warsaw (Puls Biznesu) – Today, the Ministry of Treasury will sign agreement with the bankruptcy officer of Swissair to prepare Polish flag carrier LOT for listing, Marek Grabarek, LOT’s CEO said. “We hope LOT and the bankruptcy officer to sign next week an agreement with investment bank, which will advise at the listing”, Marek Grabarek added.

Warsaw (Puls Biznesu) – Today, the Ministry of Treasury will sign agreement with the bankruptcy officer of Swissair to prepare Polish flag carrier LOT for listing, Marek Grabarek, LOT’s CEO said. “We hope LOT and the bankruptcy officer to sign next week an agreement with investment bank, which will advise at the listing”, Marek Grabarek added. Negotiations are going on with JP Morgan and ING. “The prospectus should be ready at the breakthrough of the first and second quarter of 2006”, LOT’s CEO believed.

In the first quarter of 2005, LOT increased its net income to PLN 72.6m (EUR 17.8m) from PLN 9.8m a year ago. Sales from basic operations fell to PLN 1.3 billion from PLN 1.4 billion. Operating income amounted to PLN 18m while in 2004 it was an operating loss of PLN 2.9m. LOT’s management forecasts PLN 246.3m of net income this year. The result will be achieved mainly thanks to selling assets.

(PLN 1 = EUR 0.245)

Poland/Enterprises/Airlines

 

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Podpis: APA - Austria Presse Agentur

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