Korean Air reports operating loss in 2Q2011, net profit up on forex
Korean Air reported a turnaround to profitability in 2Q2011 on foreign exchange gains with a net profit of KRW33,600 million (USD31.9 million), compared with a net loss of KRW196,700 million (USD186.9 million) in 2Q2010 (Yonhap/Reuters, 28-Jul-2011). At the operating level, however, the carrier reported an operating loss of KRW19,700 million (USD18.7 million), compared with an operating profit of USD395,000 million (USD375.3 million) in 2Q2010, due to rising fuel costs and declining travel to Japan following the earthquake and tsunami. The carrier also reported a 1.7% year-on-year increase in sales revenue to KRW2940 billion (USD2.8 billion).
*Based on the conversion rate USD1 = KRW1052.49