With China business back, Korean Air’s net triples in Q3

Korean Air’s net profit in the third quarter more than tripled in comparison to last year largely due to increased sales of long-haul flight tickets and a business recovery in China, the company said in an earnings report on Tuesday.

The company posted 267.8 billion won ($236 million) in net profit for the quarter that ended in September, more than three times the 75.7 billion won it earned last year when the airline suffered from China’s economic retaliation for the deployment of a U.S. anti-missile system in Korea. The airline posted a record 3.4 trillion won in revenue for the quarter, up 9.1 percent year on year. For operating profit, the company posted 392.8 billion won, up 3.7 percent year on year.

Despite a rise in international oil prices and a deterioration in foreign exchange rates, the company said joint venture operations with Delta Air Lines launched in May contributed to an increase in transfer passengers. General increase in demand for travel in Korea also pulled up sales.

By Kim Jee-hee