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Korean Air reports 6% revenue increase in Q2

Korean Air Plane

Korean Air’s Q2 revenue reached KRW 3.5354 trillion (USD 2.693 billion), up 6% year-on-year, with operating profit at KRW 468 billion. Cargo business fell by 56%.

SEOUL, SOUTH KOREA – Korean Air achieved a revenue of KRW 3.5354 trillion (USD 2.693 billion) in its second fiscal quarter, a 6% year-on-year increase following the strong recovery of travel demand. The airline posted a moderate operating profit of KRW 468 billion (USD 356.5 million) compared to last year, due to rising operation costs and airport fees.

The airline’s Q2 passenger business revenue rose by 154% year-on-year to KRW 2.221 trillion. This was the result of the airline increasing its passenger capacity by 20% from the previous quarter to meet strong travel demand.

Cargo business revenue decreased by 56% year-on-year in the second quarter to KRW 963.8 billion. The business has been affected by a decline in air freight demand due to increased passenger belly cargo capacity following the strong rebound of passenger operations as well as a drop in cargo rates.

Korean Air expects stronger results from its passenger business in Q3 2023, fueled by robust travel demand during summer and autumn Chuseok (Korean Thanksgiving) holiday peak seasons. The airline plans to maximize revenue by expanding operations to popular vacation destinations and flexibly increasing capacity on routes where high demand is expected.

Q2 2023 Results (Non-consolidated)

*Unit : KRW billion (USD million)
KRW/USD exchange rate: 1312.8

Q2 2023

Q2 2022

Remarks

Revenue

3,535.4

(2,693)

3,332.4

(2,538.4)

+6% YoY

Operating Profit

468

(356.5)

735.9

(560.6)

-36% YoY

Net Income

371.5

(283)

450.4

(343.1)

-18% YoY
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