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Korean Air Q3 net more than quadruples on long-haul demand
By YonhapPublished : Nov. 13, 2018 - 19:33
Korean Air Lines Co., South Korea's flag carrier, said Tuesday its third-quarter net profit more than quadrupled compared to a year earlier on increased demand for long-haul routes.
For the three months that ended on Sept. 30, net profit jumped to 257.25 billion won ($227 million) from 61.63 billion won a year earlier, Korean Air said in a statement.
In May, Korean Air and Delta Air Lines, Inc. launched a joint business to allow Korean passengers to use multiple routes when traveling to the United States by availing themselves of flights offered by either Korean Air or Delta Air. It drove up the number of transferring passengers on Korean Air flights and high-end travel demand on routes to the US, the statement said.
The partnership has allowed local travelers to fly on 370 routes to 192 cities in the US since May. Until April, Korean Air customers leaving the country could only enter the US for travel or business trips at a handful of airports in places such as New York, Los Angeles and Atlanta.
Operating profit rose 13 percent to 401.83 billion won in the third quarter from 355.49 billion won a year ago. Sales climbed 9.5 percent to 3.518 trillion won from 3.214 trillion won during the same period, it said.
In the January-September period, Korean Air shifted to a net loss of 57.49 billion won from a net profit of 420.48 billion won in the year-ago period. Operating profit fell 12 percent to 634.87 billion won from 719.81 billion won during the cited period. Sales were up 8.2 percent to 9.73 trillion won from 8.99 trillion won. (Yonhap)
