Go Search Go Contents Go to bottom site map

Korean Air Lines Q3 net dips on currency losses, THAAD row

2017/11/14 17:30

Article View Option

SEOUL, Nov. 14 (Yonhap) -- Korean Air Lines Co., South Korea's top airline, said Tuesday that its third-quarter earnings dropped 88 percent from a year earlier on currency-related issues.

The country's flag carrier logged a net profit of 62 billion won (US$55.5 million) in the July-September period, compared with a net profit of 511 billion won a year earlier, the company said in a regulatory filing.

Its operating income dipped 23 percent on-year to reach 355 billion won, with sales rising 3.1 percent to 3.2 trillion won over the cited period.

Lower travel demand from China resulted in the decline in operating profit in the January-September period, it said.

Korean carriers were hit by the Chinese government's decision to ban the sale of travel packages to South Korea from March 15 in retaliation for the deployment of the Terminal High Altitude Area Defense (THAAD) system in South Korea.

Korean Air said it expects revenue in the current quarter to rise on the back of a recovery in global trade and bullish exports. The company is one of the leading air cargo operators in the world.

The airline also forecast demand from Chinese passengers will rise as the two countries promised to put their soured relations back on a normal track.

sam@yna.co.kr

(END)

angloinfo.com