Korean Airlines expects to exceed full-year targets
Korean Air Lines President, Chi Chang Hoon, stated the carrier expects to exceed its KRW10.6 trillion (USD8.8 billion) full-year sales target and meet its KRW1 trillion operating profit goal (Bloomberg, 21-Jul-2010). The carrier had an operating profit of KRW570 billion (a 282% year-on-year increase) in 1HFY2010, on a 25% revenue increase. The airline expects full-year passenger traffic to rise approximately 10%, triple an Apr-2010 forecast, with Mr Chi stating: "Demand is growing a lot faster than we were seeing in the first quarter and it’s gaining speed." The carrier also plans to increase fares on services to the Americas, Europe and Oceania from Aug-2010 to boost yields. The carrier is also forecasting its cargo operations will surpass record volumes posted in 2007.