KAL outlines ambitious growth targets

Singapore
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Korean Air (KAL) has set ambitious growth targets for the next 10 years, anticipating revenue will more than double and its fleet will expand nearly 40% by 2019.

SkyTeam alliance member KAL this week celebrated its 40th anniversary and says in a statement that it is now looking "towards the future rather than reminiscing in the past" by setting bullish growth targets.

It says that by 2019 it expects to have annual operating revenue of 25 trillion won ($16.1 billion), which compares to last year's 10.2 trillion won.

"To achieve this goal, the airline plans to increase its number of international passengers to 20 million per year by 2019 from 13 million last year, boosting it to a global top 10 ranking in the passenger field," it says.

"Already the global leader in cargo, Korean Air predicts it will retain this title and increase the number of air cargo tonnes carried per year from 1.66 million last year to 2.5 million by 2019."

KAL also says it expects its fleet, which currently comprises 130 aircraft including six freighter on wet-lease, will increase by nearly 40% over the next decade to more than 180.

It has orders in place for several new aircraft types including Airbus A380s and Boeing 787s.

KAL currently serves 116 domestic and international destinations and says it expects to be serving 140 destinations by 2019.