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Korean Air's Q1 cargo up 12pc despite fall in domestic sourcing
POSTED: 9:29 a.m. EDT, June 9,2007
Korean Air profit increased to KRW130.8 billion (US$141 million), representing a 2.7 per cent rise in the first quarter year on year, as airfreight lifted results with an 11.9 per cent jump in tonnage, according to a company statement.
Outbound air cargo shipments from Korea continued to slow because of a stronger won, and the relocation of production lines outside Korea, said the company. This decline was offset by strong demand from southeast Asia, China and Japan to contribute to an 11.9 per cent cargo increase and 0.6 per cent more revenue.
Revenue for the first quarter 2007 increased 10.7 per cent to KRW2.03 trillion, up from KRW1.83 trillion year on year. Operating income increased by 66.1 per cent to KRW151.4 billion as compared to KRW91.1 billion for the same period last year.
Available seat kilometres for domestic passengers decreased by 11.9 per cent because of route restructuring, but the load factor was up 4.4 per cent, a situation which led to a 4.3 per cent fall in revenue.
International passenger revenue increased 19.3 per cent to KRW1.09 trillion year on year.
The company was able to keep fuel costs to a 3.9 per cent increase, helped by easing fuel prices and a stronger won despite a 12 per cent rise in fuel consumption generated by traffic growth. |
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