Korean Air’s Q2 net loss widens

SEOUL, Aug. 12 (Yonhap) — Korean Air Lines Co., the largest South Korean flag carrier, said Friday that its net loss widened from a year earlier in the second quarter.

In the three months ended June 30, the company posted a net loss of 250.8 billion won (US$227.17 million) on a consolidated basis, compared with a net loss of 169.2 billion won in the same period last year, the company said in a regulatory filing.

Sales gained 1.1 percent on-year to some 2.82 trillion won, amid a sharp increase in the number of international air passengers to and from South Korea.

In the first six months of the year, international air passengers to and from the country jumped 15.3 percent on-year to nearly 35 million, with international air passenger traffic spiking nearly 48 percent on-year to almost 6 million in June alone, the transportation ministry said earlier.

The airline said its overall passenger traffic gained 7 percent on-year in the April-June period, while the number of passengers on flights departing from the country jumped 13 percent over the cited period.

Increased demand at home and abroad apparently helped improve the company’s earnings, as the airline posted an operating profit of 159.2 billion won in the April-June period, marking a turnaround from an operating loss of 2.59 billion won in the same period last year.

Shares of Korean Air advanced 2.96 percent on the Seoul bourse to close at 31,300 won on Friday. The second quarter earnings were released after the market closed.

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