Business

Korean Air Q2 profit falls 34% on higher fuel costs, revenue hits record high

Read a summary of this article on FAST.

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

HONG KONG, July 13 : Korean Air Lines reported a 34 per cent drop in second-quarter operating profit on Monday, as surging fuel costs weighed on earnings despite the carrier posting record revenue for the quarter.

• The South Korean flag carrier said operating profit for the April-June period fell to 261.8 billion won ($174.52 million) from 398.9 billion won a year earlier.

• Revenue climbed to a 5.02 trillion won, up 26 per cent year-on-year, a record for the second quarter.

• Passenger revenue rose about 19 per cent year-on-year to 2.85 trillion won in the second quarter.

Show More

Show Less

• Stronger inbound tourism and rising transit demand, partly fuelled by geopolitical disruptions in the Middle East, helped offset a softening in outbound travel from South Korea amid higher oil prices.

• Cargo revenue surged about 46 per cent year-on-year to 1.54 trillion won, driven by robust demand tied to global artificial intelligence investments and strong exports of South Korean beauty products.

• Korean Air said it expected passenger demand to rebound in the third quarter, buoyed by peak summer travel and lower fuel surcharges, while targeting high-growth cargo segments, particularly AI-related industries, to sustain revenue momentum.

($1 = 1,500.1000 won)

Source: Reuters

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Get bite-sized news via a new
cards interface. Give it a try.

Click here to return to FAST
Tap here to return to FAST

About The Author

admin

See author's posts