A look at the week
By Jordan Chong
Although Korean Air's (KAL) latest financial report showed a hefty net loss for the three months to September 30, the airline did register a second consecutive quarterly operating profit due to the performance of its cargo business.
KAL said cargo demand was up 17.3% in the quarter, while capacity was 1.9% higher. As a result, the cargo load factor rose to 80.8%.
The bright spot for cargo could not offset the severe drop in passenger demand, with the third quarter net loss worse than a year ago.
International Air Transport Association (IATA) figures, published this week, showed global revenue passenger kilometres (RPK), declined 72.8% in September. It was a slight improvement from the 75.2% fall in August, but IATA director general and CEO, Alexandre de Juniac said airlines had "hit a wall in the industry's recovery". Read More »