Korean Air swings to net loss of W67bn in Q1 2012

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Korean Air has reported a first-quarter 2012 net loss of won (W) 67 billion ($58.8 million), down from a net income of W271 billion a year before.

Operating revenue rose by 6.3% to W2,998 billion, the airline said in a Seoul stock exchange filing. The company swung to an operating loss of W99 billion from a profit of W163 billion in the same period in the previous year.

Operating expenses rose by 16.5% to W3,097 billion from W2,659 billion, says the airline.

The airline's operating loss resulted from a surge in jet fuel expenses, Korean Air said in a statement.