Korean Air Posts Operating Profit of 238.3 Billion KRW Last Year... Driven by Air Cargo Surplus (Update)

At the Korean Air cargo terminal of Incheon International Airport, a cargo plane appears to be smiling brightly. In the New Year of the Year of the Ox, we hope that the novel coronavirus disease (COVID-19) will disappear and the skies will open. / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Dongwoo Lee] Korean Air performed well last year by achieving an operating profit amid the COVID-19 crisis.

Korean Air announced on the 4th that its sales last year based on separate financial statements were 7.405 trillion KRW, a 39.8% decrease compared to the previous year (12.2916 trillion KRW).

During the same period, operating profit was 238.3 billion KRW, down about 17% from the previous year (286.4 billion KRW). Net loss narrowed from 568.7 billion KRW to 228.1 billion KRW.

In the fourth quarter of last year, sales amounted to 1.8594 trillion KRW, and operating profit was 146.5 billion KRW.

Korean Air's passenger sales decreased by 74% compared to the previous year due to reduced passenger demand caused by COVID-19, but cargo sales recorded 4.2507 trillion KRW by increasing the utilization rate of cargo aircraft and actively utilizing idle passenger aircraft, a 66% increase compared to 2019 (2.5575 trillion KRW).

It was evaluated that the increase in air cargo sales was driven by increased demand for COVID-19 test kits and automobile parts, as well as some shipping demand shifting to air transport.

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