Korean Air posted an impressive revenue of KRW 3,8225 trillion (USD 2,8382 billion) in the first quarter, up 20 percent year-on-year.
This success is primarily due to the strong recovery in passenger traffic and solid freight demand. Despite increased fuel and labor costs as well as airport and facility usage fees, operating profit rose 5 percent year-on-year to KRW 436,1 billion ($323,8 million).
Particularly notable is the 32 percent year-on-year increase in passenger revenue to KRW 2,3421 trillion in the first quarter. With the exception of China, the airline’s network capacity has almost reached pre-pandemic levels of 2019. Particularly on the routes to Southeast Asia and Japan, profitability improved thanks to capacity expansion to meet strong tourist demand. In the cargo business, however, Korean Air recorded a slight decline in first quarter revenue to KRW 996,6 billion as the global air cargo market continued to stabilize.
For the second quarter of 2024, Korean Air plans to prioritize route profitability amid global capacity expansion and increased competition in the passenger business. In the cargo business, the airline will capitalize on growing e-commerce demand from China, expand partnerships with customers and provide capacity on key routes.