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Korean Air announces US$316 million net profit for latest quarter
November 15th 2023
Korean Air (KAL) has reported a net profit of 424.5 billion won (US$316 million) for the three months to September 30 down 2% from a 431.4 billion won profit in the same months in 2022. Read More » Revenue increased by 5%, to 3.9 trillion won, KAL said in a regulatory filing. Operating profit declined 38%, to 520.3 billion won, as a result of higher fuel prices and rising operating costs as capacity, and consequently the number of flights flown, increased. “The airline forecasts a continued increase in passenger demand in the final quarter of the year with a goal to return to pre-COVID seat capacity levels,” KAL said. “The airline will work to maximise profits by securing new demand and operating additional special flights.” The SkyTeam alliance member said demand in the air cargo market is forecast to grow in the final three months of calendar 2023.
