Korean Air Reports Q2 2023 Results

Fri, 4 August 2023

	Media Services	Videos / Interviews	Podcasts	Pictures	Travel Industry News
Korean Air Reports Q2 2023 Results

(04/08/23) Korean Air has reported a revenue of KRW 3.5354 trillion (USD 2.693 billion) for its second fiscal quarter, a 6% year-on-year increase.

Impacted by rising operating costs and airport fees, Korean posted a moderate operating profit of KRW 468 billion (USD 356.5 million) compared to last year.

The airline’s Q2 passenger business revenue rose by 154% year-on-year to KRW 2.221 trillion, as passenger capacity increased by 20% on the previous quarter to meet strong travel demand.

Korean Air Boeing 777 reg: HL8008. Picture by Steven Howard of TravelNewsAsia.com

Cargo business revenue decreased by 56% year-on-year in the second quarter to KRW 963.8 billion. The business has been affected by a decline in air freight demand due to increased passenger belly cargo capacity following the strong rebound of passenger operations as well as a drop in cargo rates.

Korean Air has indicated that it expects stronger results from its passenger business in Q3 2023, fueled by robust travel demand during summer and autumn Chuseok (Korean Thanksgiving) holiday peak seasons.

The airline plans to maximize revenue by expanding operations to popular vacation destinations and flexibly increasing capacity on routes where high demand is expected.

For the cargo business, Korean foresees intensified competition in Q3 2023 with a further drop in freight rates expected due to weaker air cargo demand following the global economic slowdown and growing aircraft belly cargo capacity.

Latest exclusive video interviews: Future of Air Travel - Interview with Sumesh Patel, President of SITA Asia Pacific; Miss International Queen 2024 (MIQ 2024) - Interview with Alisa Phanthusak, MD, Tiffany's Show Pattaya, Thailand; 16 HD Video Interviews from Routes Europe 2024 in Aarhus, Denmark; 9 HD Video Interviews from Routes Asia 2024 in Langkawi, Malaysia; Standard to Open Residences in Hua Hin and Phuket, Thailand; Video Interview with Amar Lalvani, Executive Chairman; 9 Exclusive Video Interviews from ASEAN Tourism Forum 2024 in Vientiane, Laos; 8 NTO Press Conferences from ASEAN Tourism Forum 2024 in Vientiane, Laos; 13 HD Video Interviews from World Travel Market 2023 in London, England; 5 HD Video Interviews from APG World Connect 2023 in Monaco, France; and 15 HD Video Interviews from Routes World 2023 in Istanbul, Türkiye.

Headlines:

Mandarin Oriental Opens Special Hotel in Beijing, China AirAsia to Launch Penang - Shenzhen and Kota Kinabalu - Shantou Flights Boeing Forecasts Passenger and Cargo Needs of China's Aviation Industry Air Corsica Takes Delivery of ATR's 1,700th Turboprop Aircraft Minor Hotels to Open Anantara Resort Ubud Bali in October Uruguayan Air Force to Add A-29 Super Tucano Aircraft to Fleet Air Astana to Increase Flights to Phuket, Thailand; Signs Codeshare Deal with JAL Hong Kong Airlines to Resume Long-Haul Flights with Seasonal Gold Coast Service IHG Signs Two Hotels in Quang Binh, Vietnam Marriott Opens Moxy Hotel in Mumbai, India Torsten Richter Returns to Minor Hotels as AGM of Indonesia and Malaysia Minor Set to Open World's Third NH Resort in Maldives Asiana Airlines and Air Serbia Appoint APG as GSA IndiGo to Launch New Delhi - Vijayawada Flights Hong Kong Airport Reports Strong Increases in Cargo and Passenger Traffic Delta Begins Rollout of Free Wi-Fi on Long-Haul International Routes Thai AirAsia X to Resume Flights Between Bangkok and Sydney, Australia Marriott Partners Sonder to Add Over 9,000 Rooms to Portfolio IHG Opens Hotel Indigo in Bandung, Indonesia IndiGo Enhances Operations with Aviobook, an Electronic Flight Folder from Thales Boeing Invests in Wagner SAF Refinery in Brisbane, Australia Aeroflot to Resume Flights Between Yekaterinburg and Bangkok, Phuket and Goa Air Astana Takes Delivery of 56th Aircraft; Confirms Plan to Launch Phu Quoc Flights Seibu Prince Rebrands Hotel in Singapore airBaltic Appoints APG as GSA in Egypt Korean Air and Delta Air Lines Partner Habitat for Humanity to Make a Difference in Cheonan Air New Zealand, Garuda, Qantas and Singapore Airlines Begin UPR Trials on 38 Routes Thai AirAsia Reports Q2 and H1 2024 Results; Confirms Full-Year Targets EL AL Israel Airlines Finalises Deal for 31 Aircraft Cebu Pacific to Launch Davao - Hong Kong and Iloilo - Singapore Flights Poland to Become Largest Operator of Apache Combat Helicopters Outside of USA Singha Estate Partners Ascott for Rebranding of Two Hotels in the United Kingdom IndiGo to Launch Coimbatore - Singapore Flights; Increase Frequency of Select Services Parveen Kumar Joins Grand Hyatt Jakarta as General Manager Azerai Appoints Jimmy Tran as Group Director of Sales & Marketing South Korea to Strengthen Airborne Surveillance and Reconnaissance Capabilities AirAsia to Launch Flights from Kuala Lumpur to Port Blair in Andaman and Nicobar Islands Virgin Australia to Replace Fokker 100s with Embraer E190-E2 Aircraft Cross Adds Two Hotels in Bangkok, Thailand to Portfolio airBaltic Exercises Options on 10 Airbus A220-300 Aircraft Etihad to Increase Thailand Flights; Resume A380 Service to Singapore Dusit Signs Hotel and Condo on Rama 3 Road in Bangkok, Thailand Cape and Kantary Hotels to Expand Portfolio with Serviced Suites in Korat, Thailand Thai Airways Reports Q2 and H1 2024 Results China Airlines Extends Cargo Handling Contract with FCS Goldfinch Becomes First Piloted Electric Aircraft to Fly at NASA's Langley Research Center Rosewood Signs Luxury 33-Suite Resort in Exuma, Bahamas British Airways Expands Codeshare with Bangkok Airways Aeroflot Unveils Most Popular International Destinations in H1 2024 Marriott Executive Apartments Open on Sukhumvit Soi 49 in Bangkok, Thailand Uday Rao Appointed RVP and GM of Four Seasons Hotel Tokyo at Otemachi in Japan Cebu Pacific to Resume International Flights and Increase Domestic Services from Davao CapitaLand Ascott Trust Secures OCBC 1.5°C Loan Sabre Hospitality Enhances SynXis Booking Engine with Trip Protection Services Cathay Pacific Orders 30 Airbus A330-900 Aircraft Haytham Said Appointed GM of Four Seasons Hotel Miami Hong Kong Airport Launches World's First Smartphone Express Bag Drop Service Marriott Signs W Hotel in Hangzhou, China IndiGo Selects Recaro's R2 and R5 Seats for New A321neo Aircraft Scoot to Take Delivery of Jalan-Jalan and Travel Kaki E190-E2s in September and October Ali Mohammed Appointed Regional Vice President and GM of Four Seasons Resort Orlando Marriott Opens Fourth Executive Apartments Property in Bangkok, Thailand AirAsia X to Resume Kuala Lumpur - Chongqing Flights Norse Operates Non-Stop Charter Flight from Oslo to Darwin, Australia Wyndham Reports Record H1 Growth in Asia Pacific LOT Polish Airlines Takes Delivery of First Embraer E195-E2 Vietnam Airlines Takes Delivery of Fifth Boeing 787-10 Aircraft Marriott Expands Executive Apartments Brand to Penang, Malaysia AirAsia Group Expands Fleet with Four Airbus A321neo Aircraft IATA Reports Latest Airline Passenger Traffic Data China Airlines Signs SAF-Related MOU with Morrison Express Fairfield by Marriott Hotel Opens in Terengganu, Malaysia IATA Reports Latest Global Air Cargo Data Marriott Opens Fifth Autograph Collection Hotel in Japan Matthew Smith to Succeed Monique Arnoux as CEO of Destination Asia American Airlines Renews Subscription to Prism IndiGo to Increase Domestic Connectivity from Hyderabad and Ahmedabad Shanghai Pudong Airport Installs 52 Kiosks and 14 Self-Service Bag Drops from SITA Hong Kong Airport Handled 4.3 Million Passengers and 29,590 Flight Movements in June Croatia Airlines Takes Delivery of First Airbus A220 Ryanair to Implement Boeing's Jeppesen FliteDeck Pro 5.0 EFB Asia Pacific Airlines Carried 28.9 Million International Passengers in June Singapore Changi Airport Reports Q2 2024 Traffic Cat Wu Returns to Singapore as Executive Director of Revenue for Two Hotels Langham Appoints Jack Xiao as Senior Vice President of Operations - China NATO Selects Sikorsky X2 Rotorcraft for Integrated Platform Concept Study Malaysia Airlines Expands Retailing Strategy with NDC Content on Travelport Air Tahiti Orders Four ATR 72-600 Aircraft AirAsia Airlines Implement Flight Tracking and Monitoring Solution from SITA One Air to Expand Fleet with Third Boeing 747-400 Freighter FCM Travel Expands Cytric Distribution Agreement with Amadeus Cathay Pacific Expands 1 Ticket, 1 Tree Initiative to Include Cargo Japan Airlines Confirms Order for 20 Airbus A350-900s and 11 A321neos Embraer E190 Freighter Receives ANAC Type Certification Libya's Berniq Airways Orders Six A320neo Family Aircraft Qatar Airways Adds 20 Boeing 777-9 to Order Book Accor Signs Raffles Hotel in Tokyo, Japan Thai AirAsia to Launch Bangkok - Hyderabad and Phuket - Siem Reap Flights Courtyard by Marriott Hotel Opens in Sapporo, Japan Qatar Airways Unveils Qsuite Next Gen at Farnborough Airshow 2024 British Airways Increases Number of Funded Places in Speedbird Pilot Academy Mandarin Oriental Signs Hotel and Residences in Bali, Indonesia Minor Hotels Signs Dual-Branded Property in Yining, China Korean Air Takes Delivery of First Boeing 787-10 Dreamliner Two Senior Promotions at IHG Asia Pacific Airbus A321XLR Powered by CFM LEAP-1A Engines Receives EASA Type Certification Thai AirAsia X to Relocate All Flight Operations to Don Mueang Airport in Bangkok New Dusit Thani Bangkok Hotel to Open 27 September 2024 CWT Upgrades Airfare Optimization Service with AI and Machine Learning Small Luxury Hotels of the World Returns to India with MRS Group Partnership SATS and SF Group Sign MOU to Expand Global Footprint Thai AirAsia to Launch Don Mueang - Lampang Flights Hong Kong Welcomed 3.13 Million Visitor Arrivals in June 2024 China Airlines Launches Direct Flights Between Taipei and Seattle, USA London Heathrow Airport Expands Partnership with SITA bp Partners Audi Formula 1 Team Qantas Launches Non-Stop Flights Between Perth and Paris, France SITA Reports Record Results; Future of Air Travel Interview with Sumesh Patel, President, SITA Asia Pacific Miss International Queen 2024 - Video Interview with MD of Tiffany's Show Pattaya High-Speed Fun in Denmark! HD Video Interview with Aarhus Sea Rangers 16 Exclusive HD Video Interviews from Routes Europe 2024 in Aarhus, Denmark 9 Exclusive HD Video Interviews from Routes Asia 2024 in Langkawi, Malaysia 9 Exclusive Video Interviews with VIPs at ASEAN Tourism Forum 2024 in Vientiane, Laos 8 NTO Press Conferences from the ASEAN Tourism Forum 2024 in Vientiane, Laos 13 Exclusive HD Video Interviews from World Travel Market 2023 in London, England 5 Exclusive HD Video Interviews from APG World Connect 2023 in Monaco, France 15 Exclusive HD Video Interviews from Routes World 2023 in Istanbul, Türkiye Electric Airport Taxis at Almaty Airport in Kazakhstan - Video Interview with Co-Founder Pictures from Miss International Queen 2023 Transgender Beauty Pageant in Pattaya, Thailand Exclusive Video Interviews with 17 Miss International Queen 2023 Contestants Living With One Eye - Six Years On by Steven Howard HD Videos and Interviews Podcasts from HD Video Interviews RSS Feed - Travel Industry News Ticker - Travel Industry News Travel Industry News Archives Travel Trade Shows High-Res Picture Galleries Travel News Asia - Latest Travel Industry News

Subscribe to our Travel Industry News RSS Feed . To do that in Outlook, right-click the RSS Feeds folder, select Add a New RSS Feed, enter the URL of our RSS Feed which is: https://www.travelnewsasia.com/travelnews.xml and click Add. The feed can also be used to add the headlines to your website or channel via a customisable applet. Have questions? Please read our Travel News FAQ. Thank you.

Latest Travel Trade News

Advertising

Advertise Here