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Korean Air first quarter revenue jumps 20%, cargo business declines
Korean Air’s first quarter revenue was up 20% year-on-year (YoY) to KRW 3.8 trillion ($2.8bn), which was driven by its strong recovery in passenger traffic and a continued demand for its cargo business. Though, it noted its cargo business revenue had declined slightly by over 4% YoY to KRW 996.9bn ($732.7 million) in the quarter as global air cargo market continues to stabilise globally. Its operating profit increased 5% YoY to KRW 436.1bn ($323.8 million), despite higher fuel costs, airport and facility charges and labour-related costs. These higher costs no doubt played a hand in its net income dipping slightly
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