Korean Air reported this week that it has swung to a net profit in the second quarter after six consecutive quarters of losses, helped by lower fuel costs and large currency-linked gains. The worldÃ¢â‚¬™s largest air cargo carrier is expected to see business recover gradually in the second half as South Korean exports improve and travel demand revives.
Korean Air posted a 78.5 billion won (US$63.56 million) net profit for the quarter to 30 June compared with net losses of 288.9 billion won a year earlier and 526.3 billion won in January-March. Quarterly revenue totalled 2.07 trillion won, down 16 per cent from a year earlier.
Domestic rival Asiana Airlines reported a second-quarter net profit of 47.1 billion won, recovering from a previous net loss.