Asiana posts US$5m Q1 net loss; operating profit soars on high demand

Asiana Airlines slipped to a net loss of KRW5.4b (US$5m) in Q1, although it also recorded its highest operating profit for 3 years. The carrier’s Q1 net loss was reversed from a KRW96.1b profit in year-ago quarter. However, Asiana’s operating profit of KRW64.3b more than doubled from KRW26.3b a year earlier. Revenue for Q1 rose by 9% to a record KRW1.6t. Contributing to the higher operating profit were an increase in international passenger numbers and strong air freight demand. The carrier highlighted healthy demand for domestic, Japanese and Southeast Asian destinations. Revenue was also up 28% on European routes, and 9% on US routes. Subsidiary LCC Air Seoul helped by swinging to profit in Q1 after adding routes from Seoul to Hong Kong, Osaka and Guam. <br/>