Korean Airways expects revenue this quarter
It’s not all passenger traffic for an airline. This is very true of the South Korean airline Korean Airlines.
The airline is expected to make a profit in the first quarter of 2021
- Korean Air Lines Co. will be in the black for the first quarter of this year.
- That surprising data was released on Sunday as the company expanded its logistics business after the new coronavirus pandemic virtually ceased passenger traffic.
- This South Korean airline is expected to generate an operating profit of 76.6 billion won ($ 68.3 million) from January through March.
Revenue is estimated to have decreased 26 percent to 1.7 trillion won during the reporting period.
According to a survey by Yonhap Infomax, the financial arm of the Yonhap News Agency, Korean Airlines posted a loss of 82.3 billion won a year earlier.
The strong performance of Korean Air’s logistics business contributes to this success.
“The amount of cargo handled by Korean Air reached a record high last month,” said NH Investment & Securities Co. in its report. “The disrupted voyage on the Suez Canal led to a higher demand for airship services.”
Star Alliance member Asiana Airlines Inc., which is awaiting a merger with its larger rival Korean Air, is expected to make a profit in the first quarter compared to last year’s loss of 70.3 billion won.