Korean Air Reports Operating Profit of 1.6 Trillion KRW Last Year, Down 45% YoY... Record-High Sales

Korean Air announced on the 30th that its sales based on separate financial statements last year increased by 8.7% compared to the previous year to 14.5751 trillion KRW, while operating profit decreased by 45% to 1.5869 trillion KRW.

Sales surpassed the previous record of 13.4127 trillion KRW in 2022, setting a new high, but operating profit fell to about half the previous level.

Last year's net profit was 916.8 billion KRW, down 48.5% compared to the previous year (1.7796 trillion KRW).

Korean Air explained that the deterioration in last year's performance was due to the base effect of the windfall gains that continued during the COVID-19 pandemic period.

However, Korean Air stated that last year's operating profit was higher than that of 2019 (286.4 billion KRW), before the COVID-19 pandemic. The operating profit margin was 10.9%, which is higher than other global airlines such as Delta Air Lines (9.5%) and United Airlines (7.8%).

Last year's fourth-quarter sales were 3.9801 trillion KRW, up 10.3% year-on-year, but operating profit decreased by 64.7% to 183.6 billion KRW. Net loss was 234.6 billion KRW, turning to a deficit compared to a net profit of 354 billion KRW in the same period last year.

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