KAL reports its operating loss grew 25 percent in first quarter

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KAL reports its operating loss grew 25 percent in first quarter

Korean Air announced yesterday that its first-quarter operating loss expanded 25 percent year-on-year to 123.4 billion won. This is the second consecutive quarter that the airline suffered an operating loss. Revenue shrank nearly 2 percent to 2.9 trillion won compared to the same period last year largely due to a sharp decline in cargo orders from Europe. Net loss increased 368 percent on-year to 306 billion won largely due to the appreciation of the won that generated a loss amounting to 254.5 billion won.

The airline, however, said it projects that the situation will turn around in the second quarter, as customers flying abroad will pick up in May while its cargo business will improve with the release of smart devices.

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