News
South Korean carriers report mixed first quarter results as Won weakens
May 27th 2016
Korean Air, South Korea's flag carrier, has reported a record first-quarter operating income of 323.3 billion won ($272 million), up 70.2% year-on-year, amid solid demand and the low oil price. Read More » However, the carrier’s revenues declined 0.1%. Its net loss widened from 133.1 billion won to 174.9 billion won after accounting for foreign exchange losses and a hefty loss at its affiliate, Hanjin Shipping. Korean Air’s first-quarter international load factor improved 0.7%, to 77.1%, but yield dropped 1.1%, to $7.5 cents.
At Asiana Airlines, South Korea’s second largest carrier, operating and net income declined during the first quarter, mainly due to the weak performance of its cargo unit and foreign exchange losses. Asiana's first-quarter operating profit declined 23.7% year-on-year, to 58.7 billion won. Its sales increased 4.9% to 1.4 trillion won with the Korean Air rival’s net profit down 25.5%, to 44.4 billion won.
