Korean Air makes profit in second quarter

KOREAN Air, the world’s largest air cargo carrier, has posted a net profit for the second quarter, the first in a year and a half. The carrier made 78.5 billion won ($63.56 million) profit in the quarter ending 30 June, due in part to fuel savings of 40 per cent and currency gains. This compares to a 526.3 billion won ($422 million) loss in January to March.

Nevertheless, airfreight demand remains low, down 15.5 per cent, although export is expected to recover in the second half of the year.

“Korean Air swung to a net profit in the second quarter of 2009 due to lower fuel prices and a strengthening won against the dollar,” said company spokesman Shin Muchol. “We expect to see stronger sales in the second half of 2009.”