Cargo boom pushes Korean Air to best ever operating profit
Korean Air Lines posted a healthy net profit in 2021 thanks to strong cargo performance.
It recorded revenue USD2,3 billion with an operating profit of USD594.2 million in the fourth quarter.
For the full year, the airline reported USD7.3 billion in revenue and USD1.235 billion in operating profit.
That resulted in net income of USD538.8 million
These are all-time records for both quarterly and annual operating profits in the company’s history.
The last quarter marked a record milestone for the airline’s cargo business, as the spread of Omicron delayed the airline’s passenger business recovery.
"The airline was able to respond proactively to the global supply chain disruptions and operational restrictions caused by the Omicron variant, and provide clients with reliable services," it said in a statement.
Revenue increased by 14%, with a rise in passenger traffic spurred by quarantine-free travel extended to destinations such as Guam, Singapore and Hawaii from Korea.
With still major uncertainty over the travel recovery, especially across Asia, Korean Air says it will actively respond to market changes by operating charter and more cargo-only passenger flights if necessary.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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