Korean Air operating profit down 56% in 2019, net loss widens

    Korean Air reported (06-Feb-2020) the following financial highlights for the 12 months ended 30-Sep-2019:

    • Revenue: KRW12,300 billion (USD10,553 million), -2.8% year-on-year;
      • Passenger: KRW7768 billion (USD6665 million), +0.4%;
      • Cargo: KRW2557 billion (USD2194 million), -15.1%;
    • Operating costs: KRW12,009 billion (USD10,304 million), +0.2%;
      • Fuel: KRW3183 billion (USD2731 million), -3.4%;
      • Labour: KRW2500 billion (USD2145 million), +4.3%;
      • Airport/passenger and cargo handling: KRW2200 billion (USD1888 million), +6.1%;
    • Operating profit: KRW290.9 billion (USD249.6 million), -56.4%;
    • Net profit (loss): (KRW570.8 billion) (USD489.7 million), compared to a loss of KRW107.4 billion in p-c-p;
    • Passenger traffic (RPKs): +3.8%;
      Passenger capacity (ASKs): +1.2%;
    • Passenger load factor: 82.4%, +2.1pp;
    • Passenger yield: KRW93.3 (USD 8.0 cents), -3.3%;
    • Cargo traffic (FTKs): -9.8%;
    • Cargo capacity (AFTKs): -3.3%;
    • Cargo load factor: 71.4%, -5.1pp;
    • Cargo yield: KRW341.8 (USD 29.3 cents), -5.9%;
    • Total assets: KRW25,631 billion (USD21,991 million);
      • Cash equivalents: KRW1146 billion (USD983.1 million);
    • Total liabilities: KRW22,814 billion (USD19,575 million).