Korean Air Revenue Soars 20% In First Quarter
By Geoffrey Thomas Wed May 8, 2024
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.
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