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Korean Air confirms 3Q2011 net loss, operating profit halved

16-Nov-2011 12:06 PM

Korean Air confirmed the following financial highlights for three months ended 30-Sep-2011:

  • Operating revenue: USD2930 million, +4.3% year-on-year;
  • Operating costs: USD2718 million, +12.6%;
    • Fuel: USD1074 million, +33.9%;
    • Labour: USD341.4 million, -11.0%;
  • Operating profit: USD211.2 million, -46.5%;
  • Net profit (loss): (USD462.8 million), compared to a profit of USD486.1 million in p-c-p;
  • Passenger numbers: +8%;
  • Passenger traffic (RPKs):
    • Domestic: -1.8%;
    • International: +10.6%;
  • Passenger load factor:
    • Domestic: 66.7%, -0.3 ppt;
    • International: 79.1%, +0.7 ppt;
  • Passenger yield:
    • Domestic: USD 19.3 cents: +14.9%;
    • International: USD 10.0 cents, +11.1%;
  • Cargo traffic (FTKs): -5.9%;
  • Cargo load factor: 73.8%, -0.9 ppt;
  • Cargo yield: USD 31.6 cents, +3.9%;
  • Total assets: USD19,059 million, +7.9% when compared to period ended 31-Dec-2010;
  • Cash and cash equivalents: USD861 million, +14.6% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD16,407 million, +11.1% when compared to period ended 31-Dec-2010;
  • 4Q2011 aircraft delivery plan:
    • Total aircraft deliveries: Six;

*Based on the conversion rate at USD1 = KRW1133