Korean Airlines net profit soars to $127 million in 4th quarter

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Korean Airlines net profit soars to $127 million in 4th quarter

Korean Air Lines, the country’s top air carrier, said yesterday its net profit more than tripled in the fourth quarter of 2012 from a year earlier due to foreign exchange gains.

Net profit reached 140 billion won ($127 million) in the October-December period, compared with 44.5 billion won a year earlier, the carrier said in a regulatory filing.

Sales, however, dipped 3 percent year-on-year to 3.08 trillion won in the period, and the airline posted an operating loss of 17.6 billion won, compared with a 77 billion won operating profit a year earlier.

For all of 2012, the carrier posted a net profit of 256.4 billion won, a dramatic turnaround from a net loss of 199.8 billion won in 2011, the carrier said. Yonhap

SK Innovation finishes strong in 2012 on strength of won

SK Innovation, the holding company of Korea’s biggest refiner, reported yesterday its net income rose 50.8 percent year-on-year in the fourth quarter thanks to a strong won.

Net profit was 228 billion won ($209.5 million) in the October-December period, compared with 151 billion won a year ago, SK Innovation said in a regulatory filing.

Sales rose 1.4 percent year-on-year to 17.15 trillion won, but operating profit fell 44.1 percent to 202 billion won, the company said.

“The Korean won’s appreciation against the U.S. dollar contributed to the good fourth-quarter performance, cutting the expense of buying crude,” said Yoo Jung-min, a spokesman at SK Innovation.

For all of 2012, SK Innovation posted 1.15 trillion won in net profit, down 63.9 percent from 2011, due to its decreased refining margin. Sales rose 7.3 percent to 73.3 trillion won, but operating profit fell 43 percent to 1.69 trillion won due to a sluggish performance in the petroleum and lubricant business. Yonhap

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