Korean Air reported a net income of $209.6 million in the third quarter of 2024, slipping 35% from the same period last year.
The company reported revenues of $3.2bn for the quarter - up 10% from last year. The company said this was driven capacity expansion in the summer period along with “optimised cargo operations".
Korean Air's passenger revenues grew 2% from last year to $1.9bn in period. “This performance reflects successful yield management through strategic capacity deployment on high-demand routes during peak periods, such as summer vacation and the Chuseok [Korean harvest festival], along with proactive efforts to attract premium class passengers,” the carrier read in its third quarter update.
Cargo revenues were up 22% to $781.9 million in the third quarter - despite “typical seasonal headwinds” in the period. “The [cargo] business leveraged ongoing growth in China's e-commerce sector to achieve strong results,” the company added.
Operating profit was up 19% in the period to $468.8 million.
For the fourth quarter, Korean Air said it aims to “strengthen its market position through targeted initiatives”, including passenger network expansions in southeast Asia for winter demand. The cargo division will “maintain an agile approach to market dynamic” with particular regard to US and China relations, as well as maritime market fluctuations.