Korean Air net losses deepen in 2019 on weak won
Korean Air Lines said Thursday its net losses deepened in 2019 from a year earlier due to a weak won and lower demand. Korean Air's net losses widened to 624.87b won (US$529m) last year from 185.65b won a year earlier, the company said. "Foreign-exchange losses resulting from the won's weakness against the dollar cut into the bottom line," a statement said. The won fell to an average of 1,157.80 against the dollar at the end of 2019 from 1,118.10 at end-2018, according to the Bank of Korea. Operating profit plunged 59% to 261.95b won in 2019 from 640.29b won the year before. Sales fell 2.5% to 12.69t won from 13.02t won during the same period, it said. "A sharp decline in travel demand on Japanese and Hong Kong routes and decreasing cargo-carrying volumes amid a slowing global economy weighed on the annual results," the company said.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-02-07/sky/korean-air-net-losses-deepen-in-2019-on-weak-won
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Korean Air net losses deepen in 2019 on weak won
Korean Air Lines said Thursday its net losses deepened in 2019 from a year earlier due to a weak won and lower demand. Korean Air's net losses widened to 624.87b won (US$529m) last year from 185.65b won a year earlier, the company said. "Foreign-exchange losses resulting from the won's weakness against the dollar cut into the bottom line," a statement said. The won fell to an average of 1,157.80 against the dollar at the end of 2019 from 1,118.10 at end-2018, according to the Bank of Korea. Operating profit plunged 59% to 261.95b won in 2019 from 640.29b won the year before. Sales fell 2.5% to 12.69t won from 13.02t won during the same period, it said. "A sharp decline in travel demand on Japanese and Hong Kong routes and decreasing cargo-carrying volumes amid a slowing global economy weighed on the annual results," the company said.<br/>
