Korean Air cargo success stolen by strong won

KOREAN Air Lines has flipped its operating loss of 127.3 billion won (US$107.9 million) for the second quarter last year in to an operating profit of 352.1 billion won ($299 million).

Cargo sales leapt 86 per cent to 1 trillion won ($850 million) thanks to increasing sales of Samsung electronics and the new Apple iPad.

However, due to currency fluctuations the company unexpectedly made a net loss of 233.1 billion won ($196 million).

“A stronger won [against the US dollar] drove up non-operating expenses, in particular dollar-denominated debts in books,” a company spokesman said.

It remains upbeat that the second half of the year, with the peak season, will shift this loss into profit.

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