Seoul, August 7, 2024) • In the second quarter, the airline achieved a record quarterly revenue of KRW 4.0237 trillion (USD 2.8964 billion), representing a 14% increase year-on-year. This achievement was driven by proactive responses to seasonal changes in passenger demand across networks, and active efforts in securing air cargo demand. Operating profit, however, decreased by 12% year-on-year due to increased fuel and labor costs, and other expenses associated with higher business volume. • Revenue from the passenger business rose by 10% year-on-year to KRW 2.4446 trillion. This increase was a result of the airline’s expanded capacity across its networks, including China, and strong business and leisure demand to the Americas and Europe. • Cargo business revenue increased by 14% year-on-year to KRW 1.0972 trillion, driven by increased e-commerce volumes from China on top of steady air cargo demand from the semiconductor, automotive and display industries. • In Q3, the airline aims to maximize profit by increasing flight frequencies and expanding charter operations during the peak summer travel months. The cargo business will continue to accommodate e-commerce demand with additional charter flights and enhance competitiveness through flexible route operations.
| [Q2 2024 Results (Non-consolidated)]
| | |
*Unit : KRW billion (USD million)
KRW/USD exchange rate: 1,389.2 |
|---|
| Q2 2024 | Q2 2023 | Remarks | | Revenue | 4,023.7
(2,896.4) | 3,535.4
(2,544.9) | +14% YoY | | Operating Profit | 413.4
(297.6) | 468
(336.9) | -12% YoY | | Net Income | 349
(251.2) | 371.5
(267.4) | -6% YoY |
|
[H1 2024 Results (Non-consolidated)]
|
|
|
*Unit : KRW billion (USD million)
KRW/USD exchange rate: 1,389.2 |
|---|
| H1 2024 | H1 2023 | Remarks |
| Revenue | 7,846.2
(5,648) | 6,731.3
(4,845.5) | +17% YoY |
| Operating Profit | 849.5
(611.5) | 883
(635.6) | -4% YoY |
| Net Income | 694.3
(499.8) | 726.9
(523.3) | -4% YoY |
About Korean Air
Serving the world for more than 55 years, Korean Air is one of the world's top 20 airlines, carrying more than 27 million passengers in 2019, pre-COVID. With its global hub at Incheon International Airport (ICN), the airline serves 111 cities in 39 countries on five continents with a modern fleet of 159 aircraft and over 20,000 professional employees.
Korean Air's outstanding performance and commitment to the highest level of safety and customer service has widely been recognized. The airline has been granted numerous awards including a 5-star airline rating from Skytrax as well as Air Transport World’s Airline of the Year and Cargo Operator of the Year awards.
Korean Air is a founding member of the SkyTeam airline alliance, and has grown into one of the largest transpacific airlines through its joint venture with Delta Air Lines.
For more information about Korean Air, please visit www.koreanair.com, Korean Air Newsroom, facebook.com/KoreanAir, instagram.com/KoreanAirworld and Twitter@KoreanAir_KE.
Tags: Korean Air financial results
