Korean Air has reported record revenues in the second quarter of the year, totalling approximately $3bn. It represents an increase of 14% over the same period last year.
The airline said: “This achievement was driven by proactive responses to seasonal changes in passenger demand across networks, and active efforts in securing air cargo demand.”
Its operating profit, however, was down 12% over last year to $297.6 million due to increased labour and fuel costs, as well as other expenses. It recorded a net income of $251.2 million, down 6% compared to last year.
Korean Air’s passenger revenues were up 10% to $1.8bn, while its cargo business was up 14% to $801 million. The passenger revenue increase was driven by its expanded capacity across its networks, including China, and strong business and leisure demand to the Americas and Europe. Cargo revenue was driven by increased e-commerce volumes from China as well as “steady air cargo demand from the semiconductor, automotive and display industries”, the airline said.
For the third quarter, Korean Air said it will aim to “maximise profit” through increased flight frequencies and the expansion of its charter operations during the peak summer travel months.
Korean Air achieves record revenues in second quarter
