The Korea Times
Korean Air, Korea's flag carrier, said Monday its first-quarter net profit rose 26 percent from a year ago, backed by solid passenger and cargo business performances. The airline's net profit for the January-March period totaled 242.7 billion won ($163 million) on a nonconsolidated basis, compared with 193.2 billion won a year earlier, the company said in a preliminary earnings report. Its final earnings report is expected later in the month. Operating profit increased 47 percent on-year to 516.9 billion won, while sales rose 14 percent to a record high of 4.52 trillion won, according to the company. Sales in the company's passenger business climbed to 2.61 trillion won, up 177.6 billion won from a year earlier, driven by strong demand during the Lunar New Year holiday in February and increased traffic on European routes. Cargo business sales are estimated to have reached 1.09 trillion won, up 36.6 billion won from the same period last year on expanded long-term contracts. Korean Air said its passenger business is expected to face pressure in the second quarter due to rising oil prices an
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