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  • Korean Air standalone profit dropped 28% in 2018

Korean Air standalone profit dropped 28% in 2018

Korean Air reported a 28% slide in its 2018 full year unconsolidated operating profit to W692 billion ($620 million), primarily due to the impact of higher fuel costs.

In an investor presentation, the airline said that revenue grew 7.2% to W12.7 trillion, driven by a 9.8% jump in passenger revenue to W7.7 trillion and a 7.2% climb in cargo revenue to W3.01 trillion.

Operating expenses meanwhile rose 10.3% to W11.9 trillion, as fuel expenses jumped 26% to W3.29 trillion. Non-fuel expenditure climbed 5.3% due to higher labour costs.

The airline's standalone net loss is expected to come in at W80.3 billion, attributed to foreign exchange losses and higher interest expense.

Full consolidated results are expected to be released in March.

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