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Czech Airlines Deep In The Red

CSA shows $1.3 million loss, double of what was expected

Aug 23, 2009

PRAGUE - Czech Airlines (CSA) showed a net loss of 1.83 billion crowns ($102.8 million) for the first six months of the year, almost double what was expected by the company, news website reported on Sunday.

Sales at the state-owned air carrier, slated for privatization later this year, fell by 1.5 billion crowns year on year to 9.5 billion crowns, the site said, citing CSA in-house documents it had acquired.

The results were affected by a 9.7 percent drop in annualpassenger numbers and a decline in ticket prices caused by the economic downturn.

CSA should officially report its earnings on Wednesday, said.

Air France-KLM withdrew its bid for CSA last week citing the impact of an economic crisis on the airline industry.

A single bidder, a consortium of Czech companies Unimex and Travel Service, is left in the tender, with the final bid due by Sept 30.

CSA shows $1.3 million loss, double of what was expected
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