Deloitte to Advise Czech Airlines
Date: 23-11-2007
Source: Dow Jones International News
The Czech Finance Ministry chose a unit of Deloitte Touche Tohmatsu to advise the Czech Ministry of Transport on its privatization of CSA Ceske Aerolinie, or Czech Airlines, the finance ministry said Friday.
Deloitte Advisory will audit the effectiveness of the airline's ongoing financial and operational stabilization program and will analyze possibilities of how the majority state-owned airline could be sold. The Ministry plans to first privatize all or part of the Prague Airport next year, and then to sell Czech Airlines.
The airline posted a 563 million koruna ($31.2 million) operating profit for the nine months to end-September, compared with a CZK324 million net loss in the year-ago period. The airline reiterated that it expects to post a full-year net profit of CZK40 million in 2007, which would be its first full-year net profit since 2004.
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