Business

Korean Air Posts Record Net Profit

By Jeon Soo-yong | February 09, 2018 11:27

Korean Air returned to the black with a record net profit of W907.9 billion last year, the airline said on Thursday (US$1=W1,090).

Korean Air posted sales of W11.8 trillion in 2017, up 2.6 percent from the previous year, while its operating profit dropped 11.4 percent to W956.2 billion.

Despite China's unofficial boycott of Korean products amid rising oil prices, sales grew due to an increase in overseas travelers. The number of passengers rose 5.2 percent on-year to 193.6 million last year, the highest ever.

The airline's debt-to-equity ratio dropped from 1,274 percent at the end of 2016 to 543 percent last year. The company will pay shareholders W250 per common share and W300 per preferred share, its first dividend since 2011.

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