Korean Air Reports Third Quarter Net Profit of $113 Million on 44% Revenue Increase to $1.9 Billion
Updated: Nov 16, 2021
Korean Air has reported a third quarter operating profit of KRW 438.6 billion (US $370 million) and a net profit of KRW 134.0 billion (US $113 million) on a year-over-year revenue increase of 44 percent to KRW 2.227 trillion (US $1.879 billion).
On Friday (November 12, 2021), Korean Air reported their third quarter 2021 financial results for the period ending September 30, 2021. The carrier reported a third quarter operating profit of KRW 438.6 billion (US $370 million) and a net profit of KRW 134.0 billion (US $113 million) on a 44 percent year-over year revenue increase to KRW 2.227 trillion (US $1.879 billion). Korean Air’s Q3 2021 operating profit was the highest recorded since Q3 2016. The company’s cargo business achieved a third quarter revenue of KRW 1.6503 trillion (USD 1.393 billion), a company record.
While passenger demand for the third quarter remained low due to the spread of COVID-19 variants, stronger demand in the Americas and the resurgence of summer domestic travel resulted in a 55 percent increase in revenue versus the second quartet to KRW 331.9 billion (US $280.1 million).
Korean Air expects their cargo business to remain robust during the fourth quarter, and the carrier will continue operating cargo-only passenger flights to maximize aircraft utilization and increase cargo capacity. The company expects passenger demand to remain weak during the fourth quarter, but will operate flexibly as more countries reopen their borders and will gradually expand their regular and charter flights to quarantine-free destinations such as Hawaii, Guam, Chiang Mai and Spain.
Source: Korean Air