Korean Air Lines absorbs big drop in Q3 operating profit

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Korean Air Lines absorbs big drop in Q3 operating profit

Korean Air Lines, the nation’s top flag carrier, saw operating profit in the third quarter drop 43.2 percent compared to a year ago, as passenger and cargo transport business plunged.

KAL said that its operating profit for the July-September period reached 160.1 billion won ($151 million), compared to last year’s 282.1 billion won. Sales also dropped 3.4 percent year-on-year to 3.18 trillion won in the third quarter.

Net profit was only 1 percent lower than a year earlier at 341.5 billion won. KAL said gains on foreign currency transactions prevented a big decline.

The affiliate of Hanjin Group said its overall passenger transport in the third quarter dipped 2 percent, while cargo transport departing from Korea dropped 9 percent.

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