News
Korean Air surges back to profit in March quarter
May 5th 2022
Korean Air (KAL) has reported a net profit of 543.9 billion won (US$449.2 million) for the three months to March 31, returning to the black from a net loss of 28.8 billion won in the same months in 2021. Read More » Revenue leapt 60%, to 2.8 trillion won, KAL said. It is the largest quarterly profit ever recorded by the company, eclipsing the 707.7 billion won net profit KAL posted in the fourth quarter of 2021, an airline statement said. "Although passenger demand remained sluggish from the spread of the COVID-19 Omicron variant, demand is gradually recovering as countries ease entry restrictions one by one," KAL said, noting South Korea lifted mandatory quarantine for fully vaccinated travellers to the country from March 1. "Korean Air’s passenger business is expected to quickly recover in 2022 as more countries open their borders and ease entry restrictions. The recovery of passenger demand will vary by route and region. The airline will closely monitor and flexibly respond to the market and the changing quarantine policies of its network," KAL said.
