Asiana Airlines posts 152.6 bln-won net in Q3

Asiana Airlines said Monday its net profit turned to the black in the third quarter on increased sales. Net profit came to 152.6b won (US$133.7m) in the July-September period, compared with a net loss of 62.16b won in the same period last year, the company said in a regulatory filing. The Q3 net also marked a turnaround from a net loss of 26.65b won in the previous quarter. In the three months ended Sept. 30, sales jumped 9.4% on-year to 1.56t won. "Demands greatly increased on most routes, especially on short-haul routes to and from China and Japan, which had suffered large cuts last year due to the outbreak of the Middle East Respiratory Syndrome (MERS), while the removal of fuel surcharges due to low global oil prices helped push up local demand for outbound flights," the company said. Operating profit more than tripled, jumping 233% on-year to 151.6b won in Q3. The company said its financial soundness has also improved significantly, with its debt ratio coming to 572.2% as of end-September, down 491.1 percentage points from end-2015. "Asiana Airlines greatly improved its financial soundness by reducing its debt following the successful sales of its 100% stake in Kumho Terminal and 50% stake in Kumho Asiana Plaza Saigon," it said. In the first nine months of the year, the company's sales came to 4.3t won, up 3.9% from the same period last year.<br/>