Korean Air has reported a first-quarter revenue of KRW 3.8225 trillion (USD 2.8382 billion), an increase of 20% year-on-year, driven by the strong recovery in passenger traffic and robust cargo demand.
Operating profit increased 5% year-on-year to KRW 436.1 billion (USD 323.8 million) despite higher fuel costs, airport and facility charges and labor-related costs. Passenger business revenue increased 32% year-on-year to KRW 2.3421 trillion in the first quarter.
The airline’s network capacity has almost recovered to pre-pandemic 2019 levels, except to China. Profitability improved through capacity expansion on Southeast Asia and Japan routes, catering to the strong tourism demand.
The airline said that cargo business revenue in the first quarter declined slightly year-on-year to KRW 996.6 billion as the global air cargo market continued to stabilize.
Korean Air said that in Q2 2024, the airline’s passenger business will prioritize route profitability amidst the expansion of global capacity and intensified competition. The cargo business will capitalize on the growing e-commerce demand from China by strengthening client partnerships and allocating capacity on key routes.
JOIN: AirlineRatings.com YouTube Channel
GET: Accurate MH370 Information From AirlineRatings.com Newsletter
Airlineratings.com is packed with information about air travel and answers questions that many of us may have thought of, but didn’t know who to ask. Well, now you do!
Airlineratings.com was developed to provide everyone in the world with a one-stop shop for everything related to airlines, formed by a team of aviation editors, who have forensically researched nearly every airline in the world.
Our rating system is rated from one to seven stars on safety – with seven being the highest ranking. Within each airline, you will find the country of origin, airline code, booking URL and seat map information.
The rating system takes into account a number of different factors related to audits from aviation’s governing bodies, lead associations as well as the airline’s own safety data. Every airline has a safety rating breakdown so you can see exactly how they rate.
Over 230 of the airlines on the site that carry 99 per cent of the world’s passengers have a product rating.
Given that low-cost, regional and full-service carriers are so different we have constructed a different rating system for each which can be found within each airline.
Have questions or want to share your thoughts?
