Korean Air reports strongest performance ever in 2022

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Korean Air reports strongest performance ever in 2022 - Korea Economic Daily

Quick Summary:

Sales during the quarter were 3.67 trillion won, up 28% year-on-year, but operating profit fell 26% to 520.1 billion won.“In light of the expected uncertain business environment this year, we will prepare for changes during the post-COVID-19 transition period and lay the foundation for mid- to long-term growth through the acquisition of Asiana Airlines,” said a Korean Air official.

The company said on Wednesday that its operating profit doubled from the previous year, hitting 2.88 trillion won ($2.5 billion), a 97% increase year-on-year.

The strong performance was driven by high air freight rates, which remained robust during the COVID-19 crisis, and a steep recovery in passenger operations in the latter half of the year, as quarantine measures by governments eased.