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By Cirium2021-02-04T09:35:00+00:00
Korean Air has reported a W238.3 billion ($213 million) operating profit in 2020, 17% below 2019 levels, on the back of a strong cargo business and company-wide cost cutting efforts.
Due to Covid-19, the sharp fall in passenger demand resulted in a 40% year-on-year decline in revenues to W7.4 trillion, the flag carrier said today in a statement discussing its tentative financial results that were disclosed at a same-day board meeting.
Source: Korean Air
Korean Air reported a full-year operating profit, on the back of a strong cargo business and company-wide cost cutting efforts.
Total operating expenses were down 40% year-on-year, reflecting the significant reduction in passenger capacity – passenger revenues plummeted 74% – as well as falling oil prices. Other operating costs such as facility fees and labour costs were likewise reduced.