Korean Air Lines reports 543.9 billion won first-quarter net profit

Korean Air Lines planes parked at Incheon International Airport. [NEWS1]

Korean Air Lines beat expectations in the first quarter with a net profit of 543.9 billion won ($429.4 million), compared to a 28.8 billion won loss in the same quarter the previous year.

The market consensus for first-quarter net profit was 320 billion won.

Revenue rose 60 percent on year to 2.81 trillion won, slightly lower than the market consensus of 2.87 trillion won.

Sales from passenger flights in the first quarter rose 128 percent on year to 359.8 billion won. Korean Air Lines said travel demand hasn't fully recovered yet but is beginning to increase as travel restrictions end.

The airline expects demand for international travel to increase even more in the next few quarters as more countries open borders and ease entry restrictions.

Cargo business sales rose 59 percent on year to 2.15 trillion won.

Cargo flights to European countries that used to fly over Russia are now rerouted through China, Kazakhstan and Turkey. Sales from cargo transport to and from Europe was 6 percent of its total cargo business sales, unchanged.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]