Seoul, Aug 7: Korean Air has announced record-breaking revenue for the second quarter of 2024, reaching KRW 4.0237 trillion (USD 2.8964 billion), marking a fourteen per cent increase year-on-year. This achievement is attributed to the airline’s proactive response to seasonal passenger demand and efforts to secure air cargo demand.
Despite the revenue growth, operating profit fell by twelve per cent year-on-year due to increased fuel and labor costs and other expenses associated with higher business volume.
Passenger business revenue increased by ten per cent year-on-year to KRW 2.4446 trillion, driven by expanded capacity across networks, including China, and strong business and leisure demand to the Americas and Europe.
Cargo business revenue also saw a significant increase, rising fourteen per cent year-on-year to KRW 1.0972 trillion.
This growth was fueled by increased e-commerce volumes from China and steady demand from the semiconductor, automotive, and display industries.
Looking ahead to the third quarter, Korean Air aims to maximise 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.
In the first half of 2024, Korean Air reported a revenue of KRW 7.8462 trillion (USD 5.648 billion), a seventeen per cent increase compared to the first half of 2023.
Operating profit for H1 2024 was KRW 849.5 billion (USD 611.5 million), down four per cent year-on-year. Net income for H1 2024 stood at KRW 694.3 billion (USD 499.8 million), a four per cent decrease year-on-year.
Korean Air’s strategic expansion and adaptability in both passenger and cargo operations have positioned the airline for continued success in the evolving aviation market.
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