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[Alpha Biz=(Chicago) Reporter Kim Jisun] According to the Financial Supervisory Service's electronic disclosure system on the 14th, Korean Air's third-quarter sales rose 5% year-on-year to 3.8638 trillion won, but its operating profit fell 38% to 520.3 billion won.
Asiana Airlines also posted 1.725 trillion won in sales, up 13.1 percent from a year earlier, but its operating profit fell 44.8 percent on-year to 126.7 billion won.
Both airlines saw their sales increase, but their profitability declined significantly. This is due to the disappearance of cargo specialties, which had increased profitability during the COVID-19, and the lowering of freight fares due to intensifying price competition during the off-season of the cargo business. Air freight rates have been normalized since reaching their highest point in 2021 and are now more than half lower.
In the third quarter, Korean Air's cargo business sales fell 51 percent on-year to 915.3 billion won, while Asiana Airlines also fell 47.7 percent on-year to 355.7 billion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
