Korean Air reports USD86.3 million profit despite a 10% fall in revenue in 3Q2009

Korean Air reports the following preliminary financial/traffic highlights for the three months ended 30-Sep-2009 (JoongAng Daily, 11-Nov-2009):

• Revenue: USD2,131 million, -10.3% year-on-year;
• Operating profit: USD86.3 million, compared to a loss of USD21.7 million in the previous corresponding period;
• Net profit: USD227.8 million, compared to a loss of USD590.3 million in the previous corresponding period;
• Passenger traffic (RPKs): +4.4%.

*Based on the conversion rate at USD1 = KRW1,159