* 2008 net loss of 733 million zlotys, fuel bet bites
* H1 2009 loss 178 million zlotys
* Capital hike may bring new investor or IPO
By Chris Borowski
WARSAW, Aug 12 (Reuters) - Poland's loss-making airline LOT will pick an adviser as soon as next week to help sell new shares, its head said on Wednesday, in a step that may lead to Lufthansa or another rival taking a stake.
LOT, which on Tuesday reported a 733 million zlotys ($247 million) net loss for 2008 and another 178 million in the first half of this year, has not yet decided on the form of a much needed capital hike.
But options include selling a stake to another carrier or financial investor or even floating the 80-year-old airline on a stock exchange, chief executive Sebastian Mikosz said.
"We're in talks with an investment bank which will advise us on the capital hike and we hope to announce our choice next week," he told a news conference, without elaborating.
Mikosz, who became LOT's seventh chief executive in four years when he took the helm in March, said the capital hike would likely take place next year, giving him time to move forward with restructuring to stem mounting losses.
The company blamed the 2008 results on a 412 million zlotys loss on fuel hedging after the drop in oil prices, which added to already weak operating results and losses at several units, including a no-frills carrier it has since shut down.
LOT also contends with high costs and salaries defended by powerful unions, which pushed out the previous chief executive.
In June, Mikosz revoked a collective bargaining deal in place since 1993 and is in talks on a more flexible wage system.
BETTER SECOND HALF SEEN
The carrier expects at least to break even in the second half, Chief Financial Officer Andrzej Oslizlo told reporters.
LOT is upgrading its fleet and will be Europe's first carrier to introduce Boeing's long-delayed 787 Dreamliner.
Lufthansa, which has snapped up Brussels Airlines and BMI and is awaiting a European Union go-ahead for its purchase of Austrian Airlines, has indicated in the past it may be interested in LOT.
The two already cooperate as members of the Sky Alliance.
The first attempt to privatise LOT a decade ago failed after the buyer, Swiss Air, went bankrupt in 2001. Earlier this year Poland bought back the 25-percent stake it sold.
LOT executives said the airline industry's worst downturn in decades would last at least until the middle of next year.
But they dismissed concerns that investors may be reluctant to buy shares in the troubled Polish carrier after it moves forward with restructuring plans.
"Investors will be investing in our future, not our past," Oslizlo said. "But LOT's rescue will first come from LOT. Then we'll be able to think about further steps." ($1 = 2.971 zlotys) (Editing by Jon Loades-Carter)