Asiana Airlines net profit in Q3 up 3%

Singapore
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Asiana Airlines posted a net profit of won (W) 82.8 billion ($77.8 million) in the third quarter of 2013, up by 3.3% from W80.2 billion a year earlier.

For the quarter, the South Korean carrier’s revenue declined by 3% to W1.52 trillion. International passenger revenue declined by 4% to W908 billion.

The airline’s operating profit declined by almost 42% to W63.4 billion from W1.1 trillion a year earlier. This reduced its profit margin by 2.8 percentage points to 4.2%.

International passenger traffic for the third quarter, as measured in RPKs, grew by 4.8% and capacity as measured in ASKs rose by 5.1%. Its international passenger load factor fell by a marginal 0.2 percentage points to 80%.

On the cargo front, capacity declined by 0.1% and this contributed to a larger 5.6% fall in traffic. Cargo load factor also fell by 4.2 percentage points to 73.3%.

For the first nine months of the year, however, the carrier posted a net loss of W45.6 billion, a reversal from a net profit of W40.8 billion a year earlier.

Asiana’s operating income in the nine-month period declined by almost 94% to W12.4 billion from W1.95 trillion in the year before. Revenue for the same period also fell by 2.3% to W43.1 trillion.

International passenger traffic for the nine months ended 30 September, as measured in RPKs, grew by 5.7% year on year, on a 6.4% increase in ASKs. This led to a 0.5 percentage point decline in load factor to 78.2%