Korean Air looks for premium business
HONG KONG – Korean Air ended 2007 with a full year operating revenue of 8,812 billion won and an operating income of 637 billion won, representing an increase of 9.1 percent and 28 percent respectively, mainly driven by the growth in international passenger and cargo revenue.
The strong operating performance was diluted by a sharp increase in fuel expenses and the decrease in foreign exchange gains. As a result, the net income for 2007 decreased to 11 billion won.
Jonghee Lee, president of Korean Air, said, “The soaring fuel price has imposed a great challenge for airlines around the world and in Korea, we were also affected by a disadvantageous exchange rate.
“We countered these obstacles by focusing on building our premium services and selective expansion in high-potential markets.”
International passenger traffic remained the major revenue contributor for Korean Air in 2007, accounting for 52.6 percent of total operating revenue.
Korean Air focused on premium passengers on its international routes, boosting the yield by eight percent for 2007.
Domestic passenger yield improved by 5.4 percent despite the impact of seasonality
In 2008, Korean Air will launch routes to Sao Paulo and Munich.
Ian Jarrett
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