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Korean Air reports record results in 2Q2010

24-Aug-2010 10:58 AM

Korean Air revenue up 36.7% - financial highlights:

  • Three months ended 30-Jun-2010:
    • Operating revenue: USD2,344 million, +36.7% year-on-year;
    • Operating costs: USD2,053 million, +12.8%;
    •  
      • Fuel: USD714.7 million, +30.0%;
      • Labour: USD298.5 million, +7.4%;
    • Operating profit: USD290.9 million, compared with a loss of USD105.2 million in p-c-p;
    • Net profit (loss): (USD192.6 million, compared with a profit of USD64.9 million in p-c-p;
    • Passenger traffic (RPKs):
      • Domestic: +6.9%;
      • International: +14.3%;
    • Load factor:
      • Domestic: 71.3%, +5.8 ppts;
      • International: 76.5%, +10.2 ppts;
    • Passenger yield:
      • Domestic: USD 15.03 cents, +8.0%;
      • International: USD 7.79 cents, +16.9%;
    • Cargo traffic (FTKs): +26.2%;
    • Cargo yield: USD 31.09 cents, +52.3%;
  • Six months ended 30-Jun-2010:
    • Operating revenue: USD4,491 million, +25.3%;
    • Operating costs: USD4,018 million, +9.0%;
    • Operating profit: USD472.9 million, compared with a loss of USD99.7 million in p-c-p;
    • Net profit (loss): (USD50.8 million), compared with a loss of USD370.0 million in p-c-p;
    • Total assets: USD14,495 million, +3.7% when compared with period ended 31-Dec-2009;
    • Total liabilities: USD12,041 million, +5.1% when compared with period ended 31-Dec-2009. [more]

*Based on the conversion rate at USD1 = KRW1,210.3 (as at end of 2Q2010)

Korean Air: “Continuous recovery of the Korea outbound traffic and constant strengthening of KRW will boost the passenger revenue level even further up in the third quarter, but air cargo traffic is expected to continue its strong growth from fourth quarter, which is the highest season for the cargo business. Entering the lowest season of the year for cargo, the traffic growth may slowdown in the third quarter,” Company statement. Source: Korean Air, 13-Aug-2010.