This photo provided by Korean Air Co. shows a company aircraft. (Yonhap)
SEOUL, April 11 (Korea Bizwire) — Korean Air Co., South Korea’s leading air carrier, said Friday its first-quarter sales rose 3 percent on-year thanks to increased demand in both the passenger and cargo business divisions.
Sales for the three-month period ending in March reached 3.96 trillion won (US$2.7 billion), while operating profit dropped 19 percent on-year to 350.9 billion won. Net profit fell 44 percent to 193.2 billion won.
The airline said its operating profit fell due to increased maintenance costs from new planes and recent foreign exchange fluctuations.
Sales in the passenger business rose 4 percent on-year to 2.44 trillion won thanks to strong demand during the Lunar New Year period, while the cargo division sales climbed 6 percent to 1.05 trillion won, backed by robust demand for international e-commerce and exports.
Korean Air said it anticipates continued growth in passenger travel demand in the second quarter, especially in early May, particularly on outbound routes to Southeast Asia, China and Japan. It also plans to closely monitor the United States’ trade policy shifts impacting international cargo transport.
(Yonhap)
