Korean Air has reported a second quarter operating profit of KRW 735.9 billion (US $569.2 million) and a net profit of KRW 450.5 billion (US $348.4 million) on a year-over-year increase in revenue of 71 percent to KRW 3.3324 trillion (US $2.58 billion).
On Thursday (August 4, 2022), Korean Air reported their second quarter 2022 financial results for the period ending June 30, 2022. The carrier reported an operating profit of KRW 735.9 billion (US $569.2 million) and a net profit of KRW 450.5 billion (US $348.4 million) on a year-over -year increase in revenue of 71 percent to KRW 3.332 trillion (US $2.58 billion). With growing air travel demand due to dropping COVID cases and border reopenings, Korean Air’s passenger revenue grew year-over-year by 307 percent to KRW 874.2 billion (US $670.6 million). Korean Air Cargo’s revenue increased 44 percent versus the same period last year to KRW 2.1712 trillion (US $1.67 billion). While the war in Ukraine and lockdowns in China continued to disrupt the global supply chain into the second quarter, Korea Air maximized cargo profitability by actively transporting high-demand emergency relief supplies, auto parts, semiconductors and electronics.
Korean Air expects passenger traffic to recover slower in the second half than originally projected due to external factors such as the lingering pandemic and high oil prices. The carrier expects to increase their capacity to 50 percent of pre-pandemic levels by September. As passenger service continues to ramp up, Korean Air expects to procure additional cargo capacity through belly hold space on passenger aircraft. In spite of increasing global inflation and economic contraction, Korean Air is committed to normalizing its passenger business and to maximizing their cargo business profit.
Source: Korean Air