Czech Airlines makes heavy loss in 2013

Czech Airlines plunged to a loss of just over 920 million crowns last year on turnover of 13.3 billion crowns. That’s the worst full year result for the airline since 2009. Sales of assets had in previous years help to cushion the impact of operating losses from the core airline business. The airline is currently facing a downturn in demand on flights to Ukraine and other parts of the former Soviet Union. Korean Airlines has a 44 percent stake in Czech Airlines with domestic carrier Travel Service waiting to be cleared to take a 34 percent stake.