Asiana reports operating loss in 4Q2012; targets USD327m in 2013
Asiana Airlines reported it returned to a net profit in the three months ended Dec-2012 with a profit of KRW21,600 million (USD19.8 million), compared to a net loss of KRW66,400 million (USD60.9 million) in 4Q2011, citing favourable exchange rates for the turnaround, as reported by Maeil Business and Yonhap. 4Q2012 sales reached KRW1475 billion (USD1353 million) and operating loss of KRW15,600 million (USD14.3 million). During the quarter, cargo load factor increased 1.7 ppt to 79.1%. For the full year 2012, Asiana reported a 5% increase in sales to a record KRW5880 billion (USD5219 million) while operating profit was halved to KRW179,400 million (USD159.2 million) as operating costs increased 10.4%. Full year net profit reached KRW62,500 million (USD55.5 million) compared to a loss of KRW29,900 million (USD26.5 million) in 2011. Meanwhile, Kumho Asiana Group reported KRW1470 billion (USD1305 million) in sales and an operating loss of KRW15,600 million (USD13.8 million) in 2012. Looking ahead in 2013, the carrier is targeting sales of KRW6300 billion (USD5727 million) and operating profit of KRW360,000 million (USD327 million).