SEOUL, Nov. 12 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, said Friday it swung to the black in the third quarter compared with a year earlier, helped by strong cargo demand amid the extended COVID-19 pandemic.
For the three months ended in September, Korean Air shifted to a net profit of 106.27 billion won (US$90.9 million) from a net loss of 32.35 billion won in the year-ago period, the company said in a statement.
“Increased cargo deliveries and higher charges buoyed the quarterly bottomline despite disruptions in global supply chains amid the pandemic,” it said.
The national flag carrier also swung to an operating profit of 420.16 billion won in the third quarter from an operating loss of 33.05 billion won a year ago.
Sales jumped 44 percent to 2.304 trillion won from 1.598 trillion won during the same period.
Sales in the cargo business division reached a record 1.65 trillion won in the September quarter, exceeding the previous record of 1.51 trillion won in the second quarter of 2021.