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Korean Air turns to black in Q3

[THE INVESTOR] Korean Air Lines said on Oct. 25 that it turned to black in the third quarter on-year, thanks to lower oil prices and increased passengers.

Net profit reached 428 billion won (US$376 million) in the July-September period, compared with a loss of 510 billion won a year earlier, the company said in a regulatory filing.

Sales increased 4.7 percent on-year to reach 3.06 trillion won over the cited period, while operating income reached a record high of 448 billion won, up 35 percent from a year earlier.

The airline attributed the record third-quarter business results to lower oil prices and increased passengers.

Its cumulative losses stood at 825 billion won in the first nine months of the year, and reflected the losses on its balance sheet.

Aided by its record operating income, its debt-equity ratio fell to 917 percent at the end of September, from 1,109 percent at the end of June.

Korea Herald daum