Loading
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

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More