Czech aviation assets holding firm posts profit

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Czech Airlines and Prague Airport holding company Czech Aeroholdings posted EBITDA of Kc2.6 billion ($129 million) in the first year results for the state aviation interests have been grouped together.

Group revenues totaled Kc11.8 billion for the year, though this reflects that Prague Airport and Czech Airlines Technical joined the holding group in April and Czech Airlines in September. Czech Aeroholdings says that it have lifted its EBITDA by 30% to Kc1.8 billion had all the units been witin the group for the full year.

Reductions at Czech Airlines, which cut capacity 29%, was largely behind the Kc1.8 billion fall in group revenues to Kc17.9 billion.

The company notes that despie the 29% cut in Czech Airlines capacity, revenues from regular air transport fell by only 13% to Kc12.3 billion.

Earlier this year Korean Air agreed to buy a stake in Czech AIrlines

Alongside the airline units, Czech Aeroholdings also includes Czech AIrlines Handling, CSA Services and Holidays Czech Airlines.