Polish flag carrier LOT has credited its turnaround strategy with posting a Pzl140.3 million ($46.6 million) net profit for the first seven months of 2011, compared with the Pzl64.5 million net loss incurred in the same period last year.
The airline said it carried 7.2% more medium-haul passengers and 4.4% more domestic passengers in July 2011, compared with the same month in 2010.
"It appears that our optimism resulting from the satisfactory results achieved in the first half of the year wasn't premature," said LOT chief executive Marcin Pirog.
"The results we achieved in July and August prove the effectiveness of the strategy we have adopted."
The Star alliance carrier said earlier this year that it would adopt a hybrid business model, conducting low-cost operations but maintaining high-quality service.
It also said it would transform its Warsaw base into a transit hub and implement a route structure based on east-west traffic.
Source: Air Transport Intelligence news
