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Korean Air back in black with record quarterly profits of US$374.5 million
KOREAN AIR returned to profit in the third quarter with record earnings of KRW428 billion (US$374.5 million) drawn on revenues of KRW3.05 trillion, up 4.7 per cent year on year.
This is a come back from a third quarter net loss of KRW510 billion in 2015.
Said the Korean Air statement: "The airline also posted a 34.9 per cent year on year quarterly operating profit increase KRW448 billion, with year-to-date operator profit coming in at KRW904 billion related to Hanjin Shipping in its financial statements for the past three quarters (2016 1Q-3Q), Korean Air has completely removed its financial risk brought by Hanjin Shipping."
Said Korean Air spokesman: "As Hanjin Shipping is under court receivership, Hanjin Group will no longer provide further financial support to the company.
Korean Air, one of the world's top 20 airlines, has carried more than 24 million passengers in 2015. Korean Air operates over 460 flights per day to 131 cities in 46 countries on six continents with a fleet of 174 aircraft including ten A380s.
This is a come back from a third quarter net loss of KRW510 billion in 2015.
Said the Korean Air statement: "The airline also posted a 34.9 per cent year on year quarterly operating profit increase KRW448 billion, with year-to-date operator profit coming in at KRW904 billion related to Hanjin Shipping in its financial statements for the past three quarters (2016 1Q-3Q), Korean Air has completely removed its financial risk brought by Hanjin Shipping."
Said Korean Air spokesman: "As Hanjin Shipping is under court receivership, Hanjin Group will no longer provide further financial support to the company.
Korean Air, one of the world's top 20 airlines, has carried more than 24 million passengers in 2015. Korean Air operates over 460 flights per day to 131 cities in 46 countries on six continents with a fleet of 174 aircraft including ten A380s.
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