This file photo provided by Korean Air shows a B787-9 passenger jet taking off from Incheon International Airport in Incheon, just west of Seoul.
SEOUL, Feb. 1 (Korea Bizwire) — Korean Air Co., South Korea’s biggest air carrier by sales, said Wednesday its net profit nearly tripled in 2022 from a year earlier as travel demand recovered amid eased COVID-19 virus curbs.
The national flag carrier posted a net profit of 1.73 trillion won (US$1.4 billion) last year, up from 1.15 trillion won the previous year, the company said in a statement.
Late last year, travel demand began to recover, helped by eased travel restrictions in some countries.
“The recovery of passenger travel demand and steady cargo deals contributed to boosting the bottom line,” the statement said.
In October, South Korea removed a COVID-19 polymerase chain reaction test requirement for inbound travelers on the first day of their arrival.
Japan lifted the ban on the number of inbound passengers and resumed visa-free travel for visitors from specific countries, including South Korea, on Oct. 11.
Operating profit doubled to 2.83 trillion won last year from 1.42 trillion won the previous year. Sales rose 56 percent to 14.09 trillion won from 9.02 trillion won over the cited period.
As for the first quarter of 2023, the company expected the passenger demand will increase further, but cargo demand may weaken due to a global economic slowdown.
(Yonhap)
