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Profits surge at Korean AirProfits surge at Korean Air
4-May-2006
The airline, home to the world's biggest inflight retail operation, more than doubled its net profits in the first quarter of 2006
Korean Air has announced net profits of W127bn ($132m) in the first quarter of 2006, more than double the figure of W59bn ($61.3m) posted last year. Operating revenue was up by 7.8% to W1.83trn ($1.9bn), while operating profit was up by nearly 50% to W91bn ($94.6m).Revenue from international passengers grew by 9.8%, according to the company.
"We are encouraged to see our financial results continue to improve," said Korean Air president Jong-Hee Lee. "The operating environment in the first quarter of 2006 was not without challenges. Fuel costs remained at a high level, yet we were able to offset these and keep the increase in operating expenses at a reasonable level by lowering maintenance and rental costs."
Korean Air's inflight retail revenue exceeds $100m, making it the industry's leading inflight operator.
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