SEOUL, KOREA - Korea Airlines saw its third-quarter operating profit jump more than 50 percent from a year ago. The air carrier said on November 10 that its quarterly operating profit rose 50.3 percent from the same period last year. During the same period, sales revenue fell 0.6 percent to 3,183.3 billion won and net profit turned to the red to 392.0 billion won.

 

A company official said, "Sales revenue was almost at the comparable level as last year's but operating profit improved by a large margin thanks to savings in fuel cost and other efficiency gains." The company's fuel cost savings for the quarter is 98.7 billion won from the same quarter a year ago.

 

Its passenger airline business continued a 2-to-3 percent growth in the Americas, Europe, and Southeast Asia routes, but the overall sales revenue declined slightly due to unfavorable movements of currency rates. The average won-dollar exchange rate for the quarter was 1,026.30 won per dollar from 1,109.90 won in the third quarter of 2013.

 

As for the cargo business segment, its volume originating from Korea and transshipment cargo volume rose 6 percent and 3 percent, respectively. In particular, the volume to the Americas and Europe increased 7 percent and 5 percent each.

 

Article provided by The Korea Economic Daily