Korean Air’s financial results for Q3 2021 (Non-consolidated) – Record quarterly operating profit since the third quarter results of 2016.
Korean Air recorded a revenue of KRW 2.227 trillion (USD 1.879 billion) and an operating profit of KRW 438.6 billion (USD 370 million) in its third quarter financial results. The airline attained a record quarterly operating profit since the third quarter results of 2016.
※ Q3 2016 operating profit: KRW 4.476 trillion
- The cargo business achieved a revenue of KRW 1.6503 trillion (USD 1.393 billion), the highest quarterly revenue recorded to date. Its strong performance can be attributed to the global supply chain bottleneck, increase in air cargo demand, and a lack of passenger flight belly cargo capacity, which have led to the increase in shipment volumes and rates.
※ Previous quarterly cargo revenue record: Q2 2021, KRW 1.5108 trillion
- While passenger demand remained low in the third quarter due to the spread of COVID-19 variants, stronger demand on the Americas network and the resurgence in summer domestic travel attributed to a 55% increase in sales compared to the second quarter, amounting to KRW 331.9 billion (USD 280.1 million).
- Cargo business performance forecast is to remain robust through the fourth quarter with holiday and year-end peak demand, and continued supply imbalance. The airline will continue to operate its cargo-only passenger flights to maximize aircraft utilization and increase air cargo capacity. The airline will also secure alternative airports, and recruit additional ground handling contractors to sustain its profitable operation.
- Korean Air expects passenger demand to remain weak in the fourth quarter. However, with more countries reopening up their borders, prospects of increased passenger demand are more likely. The airline plans to flexibly operate and gradually expand its regular and charter flights to destinations that do not require quarantine upon arrival such as Hawaii, Guam, Chiang Mai and Spain.
<2021 Q3 Results (Non-consolidated)>
*Unit: KRW billion (USD million)
*KRW/USD exchange rate: 1184.9
|Q3 2021||Q3 2020||Remarks|
About Korean Air
Korean Air, established in 1969, is one of the world’s top 20 airlines and carried more than 27 million passengers in 2019, pre-COVID. The airline serves 120 cities in 43 countries on five continents; it has a modern fleet of 156 aircraft and employs over 20,000 professional employees. Its global hub is at Incheon International Airport (ICN) and its core businesses are passenger, cargo, aerospace, and aviation maintenance and repair.
Korean Air is a founding member of the SkyTeam airline alliance – 19 member airlines working together across an extensive global network to welcome 676 million customers each year on more than 15,445 daily flights to 1,036 destinations in 170 countries (pre-COVID.)
Korean Air’s joint venture with Delta Air Lines has produced significant expediency and access to hundreds of destinations in the Americas on Delta and 80 points in Asia on Korean Air. Korean Air and Delta co-locate in Incheon’s beautiful Terminal 2, making connections between Asia and America some of the industry’s quickest.
With more than 50 years of serving the world, Korean Air’s vision is to be a respected leader in the world airline community, dedicated to providing Excellence in Flight. Its commitment to airline safety, cleanliness and comfort are renowned.
More on Korean Air’s programs, routes, frequencies and partners is available at koreanair.com, Korean Air Newsroom, facebook.com/KoreanAir, instagram.com/KoreanAirworld/ and Twitter@KoreanAir_KE.