Korean Air posts net loss for the second quarterKorean Air, Korea’s top airline, said Tuesday it continued to suffer losses in the second quarter as rising oil prices weighed on its profitability.
Its net loss came to 304.7 billion won ($270 million) on a consolidated basis in the April-June period, compared to a net loss of 300.3 billion won reported a year earlier, the company said in a regulatory filing.
Korean Air blamed rising global oil prices for its losses, citing the second-quarter average for benchmark West Texas Intermediate (WTI), which came to $67.91 per barrel this year compared to $48.25 for the same period a year earlier.
Its operating profit plunged 61.4 percent to 66.7 billion won, while sales grew 6.9 percent to 3.1 trillion won during the cited period. Korean Air attributed the sales growth to the launch of a joint venture with Delta.