Business

Korean Air Posts Record Q1 Profit

May 17, 2016 10:13

Korean Air posted record operating profit in the first quarter due to increased demand on long-haul routes and low oil prices.

The airline posted an operating profit of W323.3 billion, which is a record high for first quarter despite a slight decrease in sales at 2.87 trillion.

Meanwhile, Asiana Airlines had a quite different picture. Its first-quarter sales increased 4.9 percent to W1.5 trillion, but its operating profit dwindled 45 percent to W58.7 billion.

"We had an increase in sales thanks to growing demand for short-haul routes to China or Japan. But we suffered from fierce competition with budget airlines which are also focused on short-to-mid-haul destinations, said a spokesman at Asiana Airlines.

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