Korean Air achieved its highest quarterly performance to date in the third quarter of this year, despite high oil prices.
On October 15, Korean Air announced that it generated 5.448 trillion won in revenue for the third quarter, a 25.8% increase compared to the same period last year.
Operating profit rose to 421.2 billion won, an 11.9% increase year-on-year. The slower growth in operating profit relative to revenue is attributed to the burden of fuel costs due to high oil prices.
Net profit surged to 929.7 billion won, ten times higher than the 91.9 billion won recorded during the same period last year. The decline in the won-dollar exchange rate at the end of the third quarter contributed to this increase.
Revenue from the passenger business reached 2.9174 trillion won, up 20.5% from the previous year. Although demand for outbound passengers from Korea was dampened by fuel surcharges and the depreciation of the won, increased demand for inbound passengers and transit traffic through Incheon led to higher passenger revenue.
Revenue from the cargo business grew by 34.3% year-on-year to 1.4323 trillion won. Stable demand for high-value cargo related to AI and semiconductors, along with timely responses to regional market fluctuations, positively impacted profitability.
Korean Air anticipates continued fuel cost pressures due to the prolonged conflict in the Middle East in the fourth quarter. The airline plans to enhance profitability by focusing on inbound and transit demand for passengers. In the cargo sector, it aims to maximize revenue through flexible supply operations aligned with market conditions, particularly during the traditional peak season for air cargo in the fourth quarter.
Additionally, ahead of the launch of 'Integrated Korean Air' on December 17, all employees will review the 'absolute safety' system and strengthen service quality.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.