Korean Air’s financial results for Q3 2023

• Korean Air achieved a revenue of KRW 3.8638 trillion (USD 2.873 billion) in its third fiscal quarter, a 5% year-on-year increase following the steady recovery of travel demand. However, the rise in fuel prices and increase in operation costs due to expanded aircraft operations led the airline to post a decreased operating profit of KRW 520.3 billion (USD 387 million) year-on-year.

• The airline’s Q3 passenger business revenue rose by 76% year-on-year to KRW 2.5584 trillion. Strong passenger demand during the peak season, especially from the first summer season and Chuseok holiday post-pandemic, drove increased passengers and revenue across all routes.

• Cargo business revenue fell by 51% year-on-year to KRW 915.3 billion. The business was affected by the low demand during the non-peak season. However, when compared to Q3 in 2019 pre-pandemic, revenue increased by 43%.

• The airline forecasts a continued increase in passenger demand in Q4 with goals to restore pre-COVID seat capacity levels. The airline will work to maximize profits by securing new demand and operating additional special flights.

• In Q4, the airline expects increased air cargo demand from the year-end season despite growing global economic uncertainties caused by factors such as the U.S. Federal Reserve’s prolonged monetary tightening policies. In order to maximize revenue, the airline plans to further attract e-commerce and cater to seasonal demand.

• Korean Air has regained its A credit rating after eight years of continuous efforts to improve its financial stability through strong financial results, positive cash management and debt reduction.

For Editorial Inquiries Contact:
Editor Matt Driskill at matt.driskill@asianaviation.com
For Advertising Inquiries Contact:
Head of Sales Kay Rolland at kay.rolland@asianaviation.com