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Restructuring improves Polish airline's finances
Poland's LOT airline sees finances improve after cost cuts, reorganization
Associated Press
2013-12-11 11:22 PM

WARSAW, Poland (AP) -- Poland's debt-ridden LOT airline says it has improved its finances through cost cuts and a reorganization of its business.

LOT said Wednesday it will close the year with a deficit of some 20 million zlotys ($5 million), or some 110 million zlotys less than expected.

Spokeswoman Barbara Pijanowska-Kuras said that was achieved through a restructuring that involved saving money on fuel, cutting administration and personnel costs and renegotiating deals with suppliers. LOT introduced new, flexible tariffs and widened its ticket distribution network.

It also offered chartered Boeing 787 flights to various popular spa resorts. LOT was Europe's first carrier to have the 787, but suffered losses when the planes were grounded globally for security reasons. LOT signed a compensation deal with Boeing on Monday, but did not disclose the details.

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