Korean Air posts net profit of W342bn in Q3

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Korean Air has posted a net profit of won (W) 342 billion ($322 million) for the third quarter of 2013, down by 1% from W345 billion a year earlier.

The carrier’s operating revenue for the period ended 30 September declined by 3.4% year on year to W3.18 trillion from W3.29 trillion for the same period in 2012, it says.

Its operating profit fell by 43% to W160 billion, while operating expense for the quarter rose by 0.4% to W3.02 trillion. However, income before tax rose by 59% to W671 billion.

International passenger and cargo operations contributed to most of the airline’s revenue composition for the quarter, accounting for 61% and 21% respectively.

The carrier’s international passenger traffic, as measured in RPKs, declined by 0.7%, against an ASK capacity increase of 1%. Its load factor declined by 1.4 percentage points to 80.6%. On the domestic front, RPKs rose by 3.3% on growth of 3.1% in ASK capacity. This led to a 0.1 percentage point increase in load factor to 73.2%.

Cargo traffic dropped by 6.2% year on year on a 7.2% reduction in capacity. This led to a 0.8 percentage point increase in cargo load factors to 76.6%, the airline adds.