Czech Airlines posts heavy losses

National carrier Czech Airlines (ČSA) slated for privatisation by the end of September, on Thursday announced a heavy first-quarter loss caused by a record decline in passenger numbers. The company posted pre-tax losses of 1.318 billion crowns (68.2 million dollars) as passenger numbers shrank by an annual 12 percent to 945,000 amid the global crisis. Company president Radomír Lasák said management had revised the company's financial plan for this year as well as for 2010.

ČSA has implemented cost-cutting measures in recent months, shedding its cargo terminal near Prague and its catering unit. It has a fleet of 51 planes and travels to 68 destinations in 40 countries.