1-Feb-2012 11:47 AM
Korean Air operating profit down in 4Q2011, expects 2012 operating profit to double
Korean Air revenue up 9% - financial highlights:
- Three months ended 31-Dec-2011:
- Operating revenue: USD2837 million, +8.5% year-on-year;
- Operating costs: USD2769 million, +10.2%;
- Fuel: USD1081 million, +33.3%;
- Labour: USD358.9 million, -8.7%;
- Operating profit: USD68.1 million, -34.5%;
- Net profit: USD130.0 million, +498.8%;
- Foreign exchange gains: USD201.6 million, compared to a foreign exchange loss of USD134.5 million in p-c-p;
- Passenger traffic (RPKs):
- Domestic: +3.5%;
- International: +10.2%;
- Load factor:
- Domestic: 68.8%, +6.6 ppts;
- International: 74.8%, -0.4 ppt;
- Passenger yield:
- Domestic: USD 17.7 cents, +6.0%;
- International: USD 9.2 cents, +4.5%;
- Cargo traffic (FTKs): -6.7%;
- Cargo load factor: 75.4%, -0.3 ppt;
- Cargo yield: USD 31.5 cents, -1.3%;
- 12 months ended 31-Dec-2011:
- Operating revenue: USD10,914 million, +5.4%;
- Operating costs: USD10,505 million, +13.5%;
- Operating profit: USD409.1 million, -62.8%;
- Net profit (loss): (USD87.4 million), compared to a profit of USD555.1 million in p-c-p;
- Foreign exchange gains (loss): (USD232.8 million), compared to a foreign exchange gain of USD3.8 million in p-c-p;
- Total assets: USD20,011 million, +12.4%;
- Cash and cash equivalents: USD1300 million, +71.6%;
- Total liabilities: USD17,459 million, +17.3%;
- Capital expenditures: USD2298 million;
- FY2012 forecast**:
- Operating revenue: USD11,406 million, +9%;
- Operating costs: USD10,676 million, +5%;
- Operating profit: USD729.5 million, more than double the USD350.5 million in 2011;
- Passenger traffic: +8.6%;
- Capacity (ASKs): +7.6%;
- Passenger load factor: 77.7%, +0.8 ppt;
- Cargo traffic: +2.8%;
- Cargo capacity (FATKs): +2.8%;
- Cargo load factor: 75.2%, stable. [more - Original PR]
*Based on the conversion rate at USD1 = KRW1124
**Forecasts are for Korean Air only (unconsolidated) based average exchange rate of USD1 = KRW1080, compared to KRW1108 in 2011