Korean Air’s net profit almost tripled from over last year as travel demand recovered with the ease of pandemic restrictions. The airline reported a net profit of $285 million for Q3 of 2022. The airline posted revenue of $2.5567bn and an operating profit of $584.9 million
The airline reported an increase of 67% in passenger traffic as compared to Q3 of 2021 with the resumption of flights on major routes to Europe and Southeast Asia. Adding recovering passenger demand helped offset the impact of a weak won, the airline said in a statement. The airline posted a 338% rise in sales from passenger operations in Q3 and filled almost 80% of seats on its flights.
"Demand for overseas travel has been on a sharp rise as a mandatory quarantine for international arrivals has been removed at home and abroad," the airline added.
Korean Air resumed services on to Las Vegas, Milan, Barcelona, Rome, Da Nang, and Bali during the September 2022 quarter.
The airline reported a 13% increase in sales from cargo operations despite a slow global economy.
“With a grim market outlook on inflation, weakened currency, and high-interest rates, Korean Air will continue to address external challenges and minimize their impact,” the airline said.
Going ahead, the airline predicts that the global economic slowdown could weigh on the cargo demand in Q4 of 2022 but anticipated a rise in international travel.