When Korean Airlines bought a 44 percent stake in Czech Airways four years ago, it paid just CZK 68m for the country’s flagship airline. The price was justified at the time with the argument that it was acquiring a loss-making company that was deep in debt. Much was also made of the ability of Korean Airlines to make Prague into a more important air hub for the Asian market and by the company’s financial strength. This week, Korean Airlines sold off its share to Travel Service, a Czech-based airline that operates out of Prague servicing a wide range of holiday locations. The price isn’t known, but it’s also emerged that Travel Service at the same time acquired the share of the state-owned company Prisko. In all, Travel Service now controls 97.7 percent of ČSA, which made a profit of CZK 241m in 2016 and is expected to report a profit for 2017 for the third consecutive year.
