"Czech airports operator's profit soars 70 percent in 2003"

Wednesday, June 23, 2004

Czech airports operator's profit soars 70 percent in 2003
Agence France-Presse


PRAGUE, (AFP) - Czech airport operator Ceska sprava letist (CSL) enjoyed
a record year in 2003, with pre-tax profits up 70 percent despite
difficult conditions in the global aviation sector, chief executive
Martin Kacur said Wednesday.

In 2003 the operator generated a gross profit of 1.3 billion koruna
(49.3 million euros, 40.8 million dollars), up 70 percent on 2002's 771
million koruna.

CSL operates three international airports in the capital Prague, Ostrava
in the east and Karlovy Vary in the west.

As well as its best year-on-year growth in profits, the airline also saw
a record 7.46 million passengers pass through, an 18 percent rise
compared to 6.31 million in 2002, and the arrival of many new airlines
at Prague's Ruzyne airport.

All that at a time when the situation in the aviation sector worldwide
was difficult due to the Iraq war and the SARS epidemic outbreak.

The growth in low cost airlines as well as financial incentives offered
by the operator to airlines to fly to Prague contributed to the growth.

The number of passengers flying with low-cost airlines through Prague
doubled in 2003 to 679,000.

Kacur said reduced landing fees introduced by the operator as well as
the exemption from fees for a year for airlines which start flying to a
new destination had been a major factor in the results.

During the Iraq conflict the operator cut its landing fees charged to
airlines by 50 percent while airlines offering new destinations were
exempt from fees for the first year.

"Last year was a year of record success for CSL, at an unfavourable time
for expanding air services. Despite that, we managed to lure airlines to
expand instead of cancelling routes," Kacur told journalists.

More than one-tenth of the passengers flew from London, with Paris and
Frankfurt, Amsterdam and Moscow recording the next-highest passengers.

Total revenues grew by 9.6 percent to 4.225 billion koruna (131.8
million euros, 159.5 million dollars).


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