Asiana Airlines swings to net on demand, low fuel pricesAsiana Airlines made a turnaround in net profit in the third quarter, boosted by lower fuel prices and demand.
The airliner posted a net profit of 152.6 billion won ($133.5 million), turning around from a loss of 62.2 billion won in the third quarter last year. It posted 1.56 trillion won in revenue, a 9.4 percent year on year increase and 151.6 billion won in operating profit, a 233 percent jump.
Low oil prices from July to September resulted in higher profit. Also, the company’s efforts to pull down its debt-to-equity ratio and increase financial stability improved its profitability, the company said in a statement Monday.
Demand for flights during Chuseok (harvest festival) also boosted the airline, and the exchange rate was favorable for local customers to travel abroad.
More in Industry
Big business recoils at new legal legislation
Hyundai Mobis has developed a hydrogen-powered forklift
Asiana adapts passenger plane to carry more cargo
Eastar Jet CEO threatens to sue pilot union for libel