News
Korean Air cuts losses to US$25 million for three months to March 31; in the black at an operating level
May 14th 2021
Korean Air (KAL) today reported a net loss of 28.8 billion won (US$25 million) for the three months to March 31, 2021, an improvement from a net loss of 692 billion won over the same quarter in 2020. Read More » Revenue fell 24%, to 1.7 trillion won, KAL said. "Passenger demand is still low due to the continued travel restrictions of each country," KAL said. "Despite the challenges, Korean Air boosted passenger sales by operating chartered flights for repatriation and business, as well as ‘flights to nowhere'." KAL said it was in the black at the operating level for a fourth consecutive quarter with an operating profit of 124.5 billion won for the three months to March 31, up from an operating loss of 65.7 billion won a year ago.
Separately, the group announced it would maintain Asiana Airlines' 22 Pratt & Whitney PW4090 engines, under a new five-year MRO contract, at its facility in Bucheon. The deal, announced on Wednesday, was worth US$260 million, local media reported.
