Lietuvos Avialinijos turnaround continues

Aug 29, 2002

The Lithuanian national air carrier Lietuvos Avialinijos, which is undergoing privatization, reported an unaudited pretax profit of 32.2 million litas (9.33 million euros) and revenues of 146.3 million litas for the first half of this year.

In the first six months of 2001, the company suffered a loss of 8.2 million litas.

The company's profit from its core-business amounted to 3.23 million litas as against a loss of 1.4 million litas in the respective period last year, the company's press office reported.

Reportedly, the company's growing profit was due to the sale of landing slots at London Heathrow Airport to British Airways. According to press reports, the company's proceeds from this transaction amounted to 20 million litas.

Vidas Zvinys, CEO of Lietuvos Avialinijos, has given no comments on this information.

As of June 30, the Lithuanian airline had assets of 142.2 million litas, its authorized capital reached 9.6 million litas and capital and reserves totaled 41.8 million litas. Its trade debts came to 29.3 million litas, down by 35.6 million litas over one year.

The air carrier is anticipating a pretax profit of at least 14 million litas for the full year 2002.

The Lithuanian government will be recommended to sell 66 percent of LAL' shares, with 49 percent of shares to be sold to a strategic foreign investor and another 17 percent to local investors. The privatization tender is expected to be announced in the fall of this year.

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