회원사 소식-Korean Air posted record profit in 2016 3Q

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Korean Air posted record profit in 2016 3Q

 

Seoul (25 October, 2016) – Korean Air today announced that the company posted its biggest quarterly profit in history, dispelling recent worries about its financial instability (non-consolidated).

In the 3rd quarter of 2016, Korean Air recorded sales revenue of 3.06 trillion won, an operating profit of 447.6 billion won and a net profit of 428 billion won. The 447.6 billion won operating profit was the biggest ever quarterly operating profit for Korean Air, surpassing previous record of 416.5 billion won in the 3rd quarter of 2010.

Sales and operating profit was up by 4.7% 34.9% respectively, compared to the same period last year. The net income also returned to profit.

After reflecting a total loss of 825 billion won related to Hanjin Shipping in its financial statements for the past three quarters (2016 1Q~3Q), Korean Air has completely removed its financial risk brought by Hanjin Shipping. Furthermore, thanks to the biggest quarterly profit and the increase in capital, Korean Air reduced its debt ratio to 917%.

Korean Air spokesmen said, “As Hanjin Shipping is under court receivership, Hanjin Group will no longer provide further financial support to the company. Thus, Korean Air’s debt ratio will not be influenced anymore.” He added, “We will monitor closely on the market response and will put in our best effort to improve our financial structure.”

[Korean Air’s 2016 3Q results (non-consolidated)]                       (Billion Won)

2016 3Q 2015 3Q Notes 2016 accumulated
Sales 3057 2919 +4.7% 8635
Operating Profit 448 332 +34.9% 904
Net Income 428 -510 Return to Profit 80

 

About Korean Air

Korean Air, is one of the world’s top 20 airlines and carried more than 24 million passengers in 2015. Korean Air operates over 460 flights per day to 131 cities in 46 countries on six continents with a fleet of 174 aircraft including ten A380s.

With its modern aircraft and over 20,000 professional employees, Korean Air offers customers convenience and comfort. Korean Air’s award-winning offerings of Korean and international meals and state-of-the-art inflight entertainment system provide passengers with a memorable inflight experience.

The airline is a founding member of the Sky Team airline alliance, which together with its 20 members, offers its 612 million annual passengers a worldwide system of more than 16,320 daily flights covering 1,052 destinations in 177 countries.

Korean Air introduced the double-decker A380 aircraft to its fleet in 2011 and made the interior more spacious than any other airline, with just 407 seats spread across three classes, with the top deck dedicated to ‘Prestige’ business class. The design also features the world’s first onboard ‘Duty Free Showcase’ and three bar lounges.

More on Korean Air’s programs, routes, frequencies and partners is available at www.koreanair.com