Asiana Airlines Reports Operating Profit of 5.8 Billion KRW in Q3... Consecutive Quarterly Profit

[Asia Economy Reporter Dongwoo Lee] Asiana Airlines, which has been decided to merge with Korean Air, recorded a profit for two consecutive quarters.

Asiana Airlines announced on the 16th that its operating profit for the third quarter of this year, based on separate financial statements, was tentatively estimated at 5.8 billion KRW. Although it posted an operating loss of 45.1 billion KRW in the same period last year, it succeeded in turning a profit this quarter.

Third-quarter sales amounted to 731.1 billion KRW, down 53.2% from 1.5633 trillion KRW in the same period last year. Net profit for the period turned positive at 2.3 billion KRW. The net loss for the third quarter of last year was 170.5 billion KRW.

Asiana Airlines explained that it overcame sluggish international passenger demand through intensive self-help efforts and expansion of the cargo business, resulting in a profit in the third quarter.

Due to entry restrictions by various countries following the spread of the novel coronavirus infection (COVID-19), international passenger revenue decreased by 83% compared to the previous year. However, cargo revenue increased by 54% year-on-year to 484.5 billion KRW, driving the profit.

Cargo sales in the US and Southeast Asia increased by 64% and 79%, respectively, compared to the same period last year.

As the world's first airline to convert two A350-900 passenger aircraft into freighters, it secured an additional cargo capacity of 23 tons per aircraft. In addition, the bunk space located under three B777-200ER passenger aircraft was separated to expand belly cargo space.

Asiana Airlines plans to strengthen its cargo business by increasing the utilization rate of freighters and actively attracting cargo demand in the fourth quarter, which is the peak season for cargo.

This content was produced with the assistance of AI translation services.