Asiana Airlines narrows loss in 2020 despite Covid-19

Asiana Airlines narrowed its full-year loss in 2020 and managed to rebound to profitability in the fourth quarter, despite the ongoing impact of the coronavirus pandemic. The South Korean carrier reported a full-year operating loss of W70.3b ($63.5m), down from a loss of W487b in 2019. Q4 operating profit was W17b, reversing a W323b loss in 2019’s Q4. At a net level, its loss likewise narrowed. The company reported a W265b full-year net loss last year, compared with a W763b net loss in 2019. In Q4 2020, Asiana made a net profit of W166b, reversing a W325b net loss in 2019’s Q4. Full-year revenue decreased 40% to W3.56t compared to 2019, while Q4 revenue fell 39% to W881b. The “remarkable” performance of the airline’s cargo division made up for “sluggish” passenger demand, Asiana says in a 16 February press release. Cargo sales increased 64% compared to the previous year to W2.14t.<br/>