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Korean Air reports 2012 results, fleet expansion continues with a positive market outlook

6-Feb-2013 12:10 PM

Korean Air reported (04-Feb-2013) an operating loss of KRW17,600 million (USD16.1 million) in the four months ended 31-Dec-2012, citing weak economic recovery and high fuel prices for the loss. International passenger and cargo business remained the major revenue contributors during the quarter, accounting for 56.4% and 26.5% of total operating revenue, respectively. Operating profit for the full year returned to the black with KRW322,400 million (USD286.2 million), on the back of a 3.7% year-on-year increase in operating revenue to KRW12,728 billion (USD11,297 million). Looking forward in 2013, the carrier expects a “significant growth” in international passenger traffic with the introduction of new routes and increasing flight frequency on selected routes. With the addition of seven aircraft to its fleet in 2013, including A380 and Boeing 777 models, the airline expects to see an improvement in profitability. The carrier is scheduled to take delivery of one A380 in Jul-2013 and another one in Oct-2013, bringing its fleet of A380s to eight. As of Jan-2013, Korean Air’s fleet reached 152 aircraft. By the 50th anniversary of Korean Air in 2019, the aim is to have 200 aircraft, including five 747-8s, 10 787-9s and 10 CS300s by 2018. [more – original PR]