Korean shows mixed results
08 / 08 / 2011
KOREAN Air’s operating revenue for the second quarter rose 1.5 per cent to KRW2.83 trillion (US$2.6 billion). However, the company ended up with an operating loss of KRW37.5 billion (US$3.4 million) for the period due to the high price of oil and slow outbound cargo traffic, which fell 30 per cent.
Cargo, which contributed 31.8 per cent to the company’s revenue, saw a drop of 8.4 per cent in freight tonne kilometres (FTK) to 2.29 billion (FTK). The airline blamed the drop on decreasing exports of IT products, although exports of auto parts and semiconductors rose.
Traffic from Europe, Japan and the US rose 12 per cent, 13 per cent and eight per cent respectively.
New cargo routes to destinations such as Qatar, Spain, transatlantic regions and Turkey were also added in the second quarter.