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4-Sep-2009 11:26 AM

Korean Air 2Q2009 revenue down 16.2%, operating losses worsen

Korean Air revenue down 16.2% - financial highlights:

  • Three months ended 30-Jun-2009:
    • Operating revenue: USD1,668 million, -16.2% year-on-year;
    • Operating costs: USD1,770 million, -15.1%;
      • Fuel: USD534.7 million, -40.1%;
      • Labour^: USD208.6 million, -2.8%;
    • Operating profit (loss): (USD102.3 million), compared to a loss of USD93.6 million in the previous corresponding period;
    • Profit before tax: USD75.3 million, compared to a loss of USD321.7 million in the previous corresponding period;
    • Net profit: USD63.1 million, compared to a loss of USD232.2 million in the previous corresponding period;
    • Passenger traffic (RPKs):
      • Domestic: -21.5%;
      • International: -6.8%;
    • Load factor:
      • Domestic: 65.5%, -9.1 ppts;
      • International: 66.3%, -5.7 ppts;
    • Yield:
      • Domestic: USD 13.6 cents, +4.4%;
      • International: USD 6.5 cents, -12.3%;
  • Six months ended 30-Jun-2009:
    • Operating revenue: USD3,488 million, -8.5%;
    • Operating costs: USD3,585 million, -7.8%;
      • Fuel: USD1,118 million, -27.6%;
      • Labour^: USD433.0 million, +17.3%;
    • Operating profit (loss): (USD97.0 million), compared to a loss of USD77.9 million in the previous corresponding period;
    • Profit (loss) before tax: (USD466.3 million), compared to a loss of USD684.3 million in the previous corresponding period;
    • Net profit (loss): (USD360.0 million), compared to a loss of USD493.9 million in the previous corresponding period. [more]
  • *Based on the conversion rate at USD1 = KRW1,244
  • ^Excludes SG&A

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