LOT Polish Airlines plan PLN300m net profit at the end of 2017

(Grzegorz Jereczek, CC BY-SA)

EBRD: The Western Balkans have to improve infrastructure and legal system

Czech Republic: average monthly salaries grow at record pace

Poland

The flag carrier of Poland – LOT Polish Airlines – improved its financial results. The Polish Radio reports that in the period January – July 2017 the company “earned more than PLN150m (EUR35.4m) from its core business (passenger transport). It’s up PLN63m (EUR14,8m) comparing to the same period of 2016.  

The portal quotes Rafał Milczarski, the company’s CEO, saying that “LOT planned to reach PLN300m (EUR70.7m) net profit at the end of 2017.”

As Milczarski explained, results improve thanks to implementing “new business strategy, that involves launching new flights and boosting revenues, while keeping an eye on every penny spent”. It is said, since the beginning of 2016, the airline has launched 41 new flights, including new long-haul destinations such as Los Angeles, Tokyo and Seoul.

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The Western Balkans

Pierre Heilbronn, Vice President of the European Bank for Reconstruction and Development (EBRD) assures that EBRD will keep investing about EUR1bn per year in the Western Balkans. Nevertheless, Serbia, Bosnia and Hercegovina, Montenegro, Macedonia, Kosovo and Albania have to improve their transportation infrastructure and strengthen legal systems.

Heilbron told Reuters agency that those countries have to “remove obstacles between their markets, which otherwise are quite small for even domestic investors”. As reported, the EBRD itself is focusing particularly on investments in renewable energy and energy.

The region copes with a number of problems. Good illustration is the recent meeting in Trieste, where Italy and Bosnia failed to sign a deal on upgrading transport links “because of objections from its autonomous Bosnian Serb region, while Kosovo objected to a proposed customs union”.

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Czech Republic

Radio Praha reports Czechs are earning more and more. As the most recent data from the Czech Statistical Office shows, the average monthly salaries in the Czech Republic grew by 7.6 per cent in Q2’17 (and by more than 5 per cent – inflation adjusted). “It is the fastest growth since 2007 and since the economic crisis,” the portal comments. In this period, average monthly wages in the Czech Republic grew to CZK29,346 (EUR1,125.67).

The Radio points out that those numbers exceed experts’ expectations, who projected that salaries would grow at 6.4-6.8 per cent pace. The salaries increased thanks to the strong economic growth and lack of employees on the Czech labor market. The portal informs there are record 190,000 vacancies in the country.

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What’s up in indexes

BET (of Bucharest) increased from 8,035.19 index points Monday, September 4th to 8,057.58 index points Tuesday, September 5th. It’s up 0.28 per cent d/d and up 14.68 per cent y/y.

BUX (of Budapest) increased from 37,465.26 index points Monday, September 4th to 37,736.10 index points Tuesday, September 5th. It’s up 0.72 per cent d/d and up 32.84 per cent y/y.

CROBEX (of Zagreb) decreased from 1,902.56 index points Monday, September 4th to 1,892.00 index points Tuesday, September 5th. It’s down 0.56 per cent and up 4.12 per cent y/y.

OMXR (of Riga) increased from 997.26 index points Monday, September 4th to 1,002.85 index points Tuesday, September 5th. It’s up 0.56 per cent d/d and up 48.10 per cent y/y.

OMXT (of Tallinn) increased from 1,256.07 index points Monday, September 4th to 1,265.96 index points Tuesday, September 5th. It’s up 0.79 per cent d/d and up 26.36 per cent y/y.

OMXV (of Vilnius) decreased from 654.44 index points Monday, September 4th to 653.44 index points Tuesday, September 5th. It’s down 0.15 per cent d/d and up 22.15 per cent y/y.

PX (of Prague) decreased from 1,026.16 index points Monday, September 4th to 1,025.36 index points Tuesday, September 5th. It’s down 0.08 per cent d/d and up 16.41 per cent y/y.

SAX (of Bratislava) decreased from 334.17 index points Monday, September 4th to 328.84 index points Tuesday, September 5th. It’ down 1.59 per cent d/d and up 2.43 per cent y/y.

SOFIX (of Sofia) increased from 705.70 index points Monday, September 4th to 705.93 index points Tuesday, September 5th. It’s up 0.03 per cent d/d and up 50.44 per cent y/y.

UX (of Kyiv) decreased from 1,133.56 per cent Monday, September 4th to 1,129.36 index points Tuesday, September 5th. It’s down 0.37 per cent d/d and up 55.13 per cent y/y.

WIG20 (of Warsaw) decreased from 2,519.42 per cent Monday, September 4th to 2,517.45 index points Tuesday, September 5th. It’s down 0.08 per cent d/d and up 40.80 per cent y/y.

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