Korean Air reported a first quarter revenue of KRW 3.8225 trillion (US$2.8382 billion), an increase of 20% year-on-year, driven by the strong recovery in passenger traffic and robust cargo demand. Operating profit increased 5% year-on-year to KRW 436.1 billion (USD 323.8 million) despite higher fuel costs, airport and facility charges and labour-related costs.
Passenger business revenue increased 32% year-on-year to KRW 2.3421 trillion in the first quarter. The airline’s network capacity has almost recovered to pre-pandemic 2019 levels, with the exception of China. Profitability improved through timely capacity expansion on Southeast Asia and Japan routes, catering to the strong tourism demand.
Cargo business revenue in the first quarter declined slightly year-on-year to KRW 996.6 billion as the global air cargo market continues to stabilise.
In Q2 2024, the airline’s passenger business will prioritise route profitability amid the expansion of global capacity and intensified competition. The cargo business will capitalise on the growing e-commerce demand from China by strengthening client partnerships and allocating capacity on key routes.
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