Korean Air’s Q1 revenue surged 20% with strong passenger and cargo sectors, despite rising costs, nearing pre-pandemic levels.
SEOUL, SOUTH KOREA – Korean Air reported first-quarter revenue of KRW 3.8225 trillion (USD 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 labor-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.
In Q2 2024, the airline’s passenger business will prioritize route profitability amidst the expansion of global capacity and intensified competition.
Q1 2024 Results (Non-consolidated)
| *Unit: KRW billion (USD million) KRW/USD exchange rate: 1,346.8 |
|||
|---|---|---|---|
| Q1 2024 | Q1 2023 | Remarks | |
| Revenue | 3,822.5 (2,838.2) |
3,195.9 (2,373) |
+20% YoY |
| Operating Profit | 436.1 (323.8) |
415 (308.1) |
+5% YoY |
| Net Income | 345.2 (256.3) |
355.4 (263.9) |
-3% YoY |
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