News
Korean Air announces US$711 million net profit for 2023
January 31st 2024
Korean Air (KAL) has reported a 917 billion won (US$711 million) net profit for the 12 months to last December 31, down 48.5% from a net profit of 1.8 trillion won in the previous year. Read More » Revenue increased 8.7%, to 14.6 trillion won, KAL said. Despite the sharp downturn, the company noted its calendar 2023 operating profit of 1.6 trillion won was 10.9% higher than four years ago. “Annual passenger revenue increased against pre-pandemic 2019 driven by strong travel demand and higher premium class returns despite network capacity recovering by only 80% of pre-COVID levels,” KAL said. “Korean Air anticipates passenger demand and capacity to fully recover in the current 2024 quarter.” The flag carrier forecasts long-haul demand to remain robust and that a recovery in tourist traffic in the peak winter season will boost revenue. “Korean Air will maximise revenue by resuming routes and increasing capacity to popular destinations in Southeast Asia and Japan,” the airline said.
